Technical Analysis: AUD/USD 2012.04.16

April 16, 2012 11:38

The pair did not manage to hold above the 1.0380-1.0420 resistance area, right where the 100-Day SMA and the 200-Day SMA reside, so the risks are on the downside and we look for a new decline ahead of parity. Only a clear break and hold above the 1.0380-1.0420 area would confirm a shift in the short-term structure and open a fresh upside extension towards the 50-Day SMA by 1.0550.

Edward Smith, technical analyst of company Admiral Markets.

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