Technicals | Apr 16 2012
As the chart below indicates, the Aussie dollar has formed a Strong Bullish Bar and on Friday closed above the 20-day moving average resistance line, the TechWizard notes. The low seen in March (low for 2012) of 1.0267 is now the key level.
Price action has now turned bullish on the Wizard's reckoning and the next target is 1.0600 over the coming weeks.
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).
Technical limitations
If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.
