AUD
Tuesday, September 14, 2010
, Posted by Usman Ali Minhas at 8:20 AM
International Trading
Comment: Moves since June have mapped out exactly as predicted and the Australian dollar in now in a position to re-test this year’s high at $0.9400. This area is pivotal, having capped for most of the currency’s history since floating in December 1983 at $0.9000. Daily, weekly, monthly and even better quarterly closes above $0.9400 are possible within the next 12 working days, the latter likely to add a tremendous amount of bullish momentum targeting June 2009’s record (and prices to June 2008’s high at $0.9850). Measured targets from the unusual ‘broadening triangle’ are through parity to $1.0200 and probably $1.0700.A weekly close below 0.8950 postpones all of the above and one below 0.8600 forces a review.
