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AUS200 Technical Analysis: Facing Tough Resistance

AUS200 Technical Analysis: Facing Tough Resistance

2016-02-19 04:42:00
Nathalie Huynh,
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Talking Points:

  • AUS 200 Strategy: Prepare to exit if resistance at 5074 holds through next week
  • Momentum is poised to reverse down
  • Whereas a breach would bring it back into last year’s range

The 5074 resistance level will be a tough one to break for AUS 200 on its way back up to the August-January range of 4198-5391. A pause in upward momentum signals also hints at restrained advancement ahead.

Traders with long positions should be prepared for a possible reversal at this resistance, especially if momentum continues to fade below the upper boundary. A close approach to resistance (and failure to breach) before this weekend could provide some good opportunities to range traders who are in waiting.

5074 is a critical level for next week’s development. At a breach, the way above head is fairly clear unto top of the range and 50% Fibonacci at 5391.5.

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AUS200 Technical Analysis: Facing Tough Resistance

Daily Chart - Created Using FXCM Marketscope

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--- Written by Nathalie Huynh, Strategist for DailyFX.com

Contact and follow Nathalie on Twitter: @nathuynh

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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