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Australian Dollar Nears Record - Support at 10900/20

Australian Dollar Nears Record - Support at 10900/20

2011-07-26 22:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Equities ended up selling off but the USD also declined as the nonsense in Washington resumes. Typically, a decline in ‘risk’ includes weakness in most everything priced in US dollars. One day doesn’t make a trend but the relationship between the USD and equities is one to watch.

The AUDUSD continues to advance and the record high of 11011 is a sand wedge away. 10900/20 is support and stops should be under the peak at 10875 (if the move from 10794 is an impulse, then price there shouldn’t be overlap between peaks and troughs). CPI tonight at 00:30 GMT.

EURUSD is nearing its high from earlier in the month at 14577. Support is at 14420/50. Look higher as long as price is above 14320. A drop below there would shift focus to the mid 14200s.

USDCHF trendline is now at 7900.

AUDNZD – watch 12400 if reached. This was the resistance in 2010 (may now provide support).

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