Short term Aussie Dollar Technical Outlook

March 1, 2012

FOREX

From my mate Omid:

Just having a look at the charts this morning, and one thing struck me…yesterday the AUDUSD posted an outside range day, with a close lower than the previous day’s low.

 

 Given MACD (the lower chart in the picture attached) is still not giving any buy signal, I think we can see a move to 1.0665 or so over the next 24 hours (33-day moving average).

 A daily close under this level could be a sign of more bearish moves in the AUDUSD…but for the interim I’d be happy to be short towards this 1.0665 level – not a big call given recent price action but worth keeping in mind.

Greg Here – I agree and i think it is going lower for a quick trip to find real support.

Good hunting

www.twitter.com/gregorymckenna

Please remember these are not recommendations for you to trade these are my views and I have my risk management tools and risk parameters that you do not have access to. Thus, this blog is for information only and does not constitute advice. Neither Greg McKenna nor Lighthouse Securities has taken your personal circumstances, objectives or financial situation into account. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation

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