Technicals | Oct 08 2012
By Rudi Filapek-Vandyck
The Aussie has had to endure some serious headwinds in recent times, including concerns about the ongoing economic slow down in China and yet another interest rate cut from the RBA. Viewed through the TechWizard's perspective, which is based upon technical analysis, the Aussie has now weakened to just above the key level of 1.0150.
Were this level of support to be broken, the Wizard believes the market's focus would shift to USD parity and then to 0.9600. The underlying message, suggests the Wizard, is there could be a lot more weakness in store for AUD/USD.
Traders and investors should closely watch 1.0150, reports the Wizard, as that level will likely prove key for what comes next.
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.
Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.
