Latest technical analysis from Colin Twiggs:
Quote:
Australian Dollar
The Australian dollar dipped briefly below the first line of support against the greenback, at the February high of $0.6850, before recovering to signal a healthy up-trend. Expect a test of resistance at $0.7300. Another rate cut by the RBA, however, would impede further progress. In the long term, failure of $0.60 now appears unlikely, but would target the 2001 lows between $0.48 and $0.50. Breakout above $0.7300 would offer a target of the September high of $0.8500 (calculated as
0.7250 + [ 0.7250 - 0.6000 ]).
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