Technicals | May 14 2012
By Robert Clayton
AUD/USD, last 1.0006 –:– Range: 1.0006 – 1.0083
The AUD/USD traded within approximate trading range between 1.0006 and 1.0083 zones on Friday, while the graph is providing us further indication prices should move lower.
Immediate support at 0.9950-70.
Sub here would unfold a bigger bearish scenario and lead us on to a measured swing of 0.9370-0.9420 level.
Do note, in light of the EUR/USD heaviness, the level at 0.9950-70 is vulnerable.
Conversely, a clear break above 1.0090 could give us a short-squeeze to 1.0130 before any reversal.
In the event we break above 1.0130 then this should lead us to a new bullish reversal phase and possibly to a 1.0400-60 target.
Resistance: 1.0045 minor, 1.0090, 1.0130
Support: 0.9950-70, 0.9880, 0.9825
Technical bias: The 0.9950-70 target remains vulnerable
Rob Clayton has for five years produced technical analysis independently through his company ‘Robert Clayton Global Markets’ having for twelve years prior held the role of senior technical analyst at Westpac Banking Corporation’s Institutional Banking Division. He is now part of the team at GTL Capital Management. Rob’s reports are offered to institutional and professional trading clients in Australia, Asia, the Middle East and Europe.
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