Technicals | Apr 12 2010
By Rudi Filapek-Vandyck
Things can move fast in the world of fickle global finance. Last week the TechWizard reported the Australian dollar seemed poised for a temporary retreat as further proof that global risk appetite was equally in retreat, this week he reports recent developments have forced him to revise his view.
The Wizard now believes the Australian dollar is poised to set new highs against the US dollar. He reports the Aussie dollar has now broken out above its overhead resistance line. As a result he believes the new target for the currency is now the 2008 high of 0.9849.
On the way to this new target, the Wizard sees temporary resistance at 0.9500 but he believes that should only hold the AUD back temporally.
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
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