Technicals | Oct 25 2012
By Robert Clayton
The AUD/USD has bounced back very well from yesterday’s low of 1.0259.
Though the overall outlook remains bearish, into the Australasian session prices may put the squeeze on to 1.0365.
However towards 1.0390 resistance prices are expected to encounter supply with the likely outcome to ease back 1.0310, even yesterday’s lows in front the 1.0255-60 support.
Below here exposes the 1.0150-70.
To give a bullish scenario for the pair is for a break above 1.0390 which should see a chance of a renewed bull run to 1.0460, 1.0500-20.
Resistance levels: 1.0365, 1.0390, 1.0460.
Support levels: 1.0310 (minor), 1.0255-60, 1.0150-70.
Rob Clayton – Senior Technical Analyst – has been providing technical analysis on Foreign Exchange, Futures, and Interest Rate products for the past 21 years. He held many senior analyst roles including the role of Senior Technical Analyst at Westpac Institutional Bank for 12 of those years. Rob is now part of the investments team at GTL Capital Management. Rob’s daily reports are read by institutional and professional clients in Australia, Asia, Europe and the Middle East.
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