A sustained move to the downside will most likely see the pair head lower and with a move below .7400 figure target the Aussie offers around .7361, a level created by the 23.6 Fib of the .7798-.7236 USD rally. A further move on the part of the US dollar longs will most likely see the pair extend its decline below .7321, a level defended by the November 24 daily low. Indicators are supporting Australian dollar longs with both positive momentum indicator and positive MACD above the zero line, while overbought Stochastic gives greenback longs a chance to retaliate.
Australian Dollar Stalls Above .7400
Fri Jan 20 13:21:00 GMT 2006
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.DISCLOSURES