{"id":8016,"date":"2010-03-26T11:45:10","date_gmt":"2010-03-26T15:45:10","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8016"},"modified":"2010-03-26T11:45:10","modified_gmt":"2010-03-26T15:45:10","slug":"audusd-drops-below-key-uptrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/26\/audusd-drops-below-key-uptrend-line\/","title":{"rendered":"AUD\/USD Drops Below Key Uptrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Aussie has dropped below its uptrend line running through 2\/26 lows, or the .89 area.\u00a0 Hence, the Aussie appears to have finally made a key retracement after holding strong for so long despite large risk-averse flows resulting from fiscal issues in the EU.\u00a0 The currency pair is quickly dropping towards its highly psychological .90 level, which could prove to be a solid technical cushion for the near-term.\u00a0\u00a0\u00a0 Investors are reacting negatively to RBA Governor Stevens\u2019 public address today.\u00a0 Although Stevens didn\u2019t make comments directly pertaining to the RBA\u2019s policy in particular, his outlook regarding Western developed countries was far from picturesque.\u00a0 Governor Stevens warned that risk premiums could continue to rise as nations struggle to reduce their respective fiscal deficits.\u00a0 Hence, it appears Stevens is bothered by recent deteriorations in the EU, implying that the RBA could keep its interests rates unchanged at the next RBA meeting.\u00a0\u00a0 Govern Stevens\u2019 somber outlook is dragging the Aussie lower, meaning the currency pair could participate more fully in broad-based moves in the risk trade over the near-term.\u00a0 That being said, the data wire is relatively quiet on Monday, suggesting that current momentums could continue to play out barring a key psychological development.<\/p>\n

Technically speaking, the Aussie has 3\/3 and 3\/ 4 lows serving as technical cushions along with the highly psychological .90 level should it be tested.\u00a0 As for the topside, the Aussie faces multiple downtrend lines along with intraday and 3\/25 highs.\u00a0 Additionally, the psychological .91 level could serve as a technical barrier should it be tested.<\/p>\n

Price: .9040
\nResistances: .9045, .9053, .9073, .9087, .9101, .9110
\nSupports: .9032, .9023, .9011, .8994, .8981, .8974
\nPsychological: .90, .91, March Lows<\/p>\n

\"\"<\/a><\/p>\n

(click chart to enlarge)<\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/a><\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The Aussie has dropped below its uptrend line running through 2\/26 lows, or the .89 area.\u00a0 Hence, the Aussie appears to have finally made a key retracement after holding strong for so long despite large risk-averse flows resulting from fiscal issues in the EU.\u00a0 The currency pair is quickly dropping towards … <\/p>\n

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