Aussie Dollar right on support

March 6, 2012

FOREX

The risk rally is faltering at the moment and the Aussie Dollar is feeling the heat.

Last week my mate Omid said in his short piece that 1.0665 was the key support. Similarly Rick Spooner over at CMC Markets had this level as the one to watch on the long he suggested.

So there is every chance the market will be watching it too.

20120306-085412.jpg

Personally I think it’s going lower but a break below 1.0650 is needed to confirm for a run into the 1.04/05 region I been talking about recently. But as you can see in the chart attached from my Bloomy iPhone app if it gets a wriggle on the Aussie Dollar could fall a little further yet.

Time and the market will tell.

Update – 06/03/2012 at 9.50 am Port Stephens Time:

Back at the desk now and here is a chart from Barcharts where you can see that my Double bolly band strategy is now short and the the recent low around 1.0597 is going to be the key to open up substantial downside.

 

Good hunting
Gregory McKenna

http://www.twitter.com/gregorymckenna

Sent using WordPress for iPhone.

Please remember the usual disclaimer applies – I have my money management and stops that you don’t have access to and I have not taken your personal circumstances into account. So this is not advice just my view on the Aussie Dollar

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