Tuesday 6 March 2012

AUD/USD: A Pending Bounce Up...?

Daily shot of the AUD/USD exchange; looking for a possible area for a bounce, and came up with a couple spots:
- 1.04000 to 1.03500 range (shown by the large orange box), and I say this range given the areas of support/resistance with multiple double tops.

- Another is the larger timeframe Fibo line 23.6, which is a little closer to the current price, and may indicate a sooner-than-later bounce.

- Additionally, we can see a possible Fibo Cycle coming to an end currently; which will add to the Fibo 23.6 line prediction.

So, given these possibilities I would have to lean on the a bounce occurring relatively soon, especially if RBA's Deputy Governor Philip Lowe Speech is about good news, and the AIG Construction Index is positive. If said speech and/or index is rather negative then I might be inclined to suspect a further drop.