2 Dec 2014



Rate bounced up from a rising trendline which has held since January and is now testing the old support as new resistance at 1.0820.
It could be stuck in this tight range till tomorrow's Australian GDP report.

A break below the trendline and this week's low at 1.0759 should take the rate down to test the decade's lows around 1.0500 level.

A break above 1.0820 should take the rate up for the short term falling trendilne resistance around 1.0875 and the old range support as the new resistance 1.0910.


The rate is putting a pressure to the support level at 0.7900. With the bearish RSI momentum still intact I am looking for a break.

Any upside moves should be capped by the last week's high 0.7976, however only a break above the symmetrical triange resistance at 0.8046 would invalidate my bearish bias for the pair.

A break below 0.7900 should take the rate down to test the triangle support at around 0.7825.


As expected the rate turned higher breaking the ascending triangle resistance at 186.10. The breakout target indicates the rate could be going up to 188.18 and the major psychological resistance at 190.00.

A break back below the 186.10 level would invalidate my immidiate bullish outlook and should take the rate down to test the support at 184.10.


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