AU weekly thoughts for 19/9/2010 - test

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mysticalchemist
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AU weekly thoughts for 19/9/2010 - test

Postby mysticalchemist » Sun Sep 19, 2010 2:20 am

A/U thoughts for the week starting 19/9/2010



Presently price is in the .9400 area. This area was a resistance point in Oct/Nov 2009 at .9405, and again in April 2010 at .9381.

On Friday price touched .9468 after breaking through the previous resistance levels. Then retested at .9467, but did not break through, ending below .9400.
There is a high likelihood of a third retest of the .9468 area, and if broken through, then .9550 is the likely target, being in the area of the trend line.

There is a major future target of around .9849 being the 2008 year high.




On the bearish side, on the 4 hour chart price has broken through an uptrend line and is heading down for the support levels around .9350 and .9330

S/R levels from last week ..
1) .9468
2) .9456
3) .9429
4) .9418
5) .9394
6) .9361
7) .9350
8) .9342
9) .9330
10) .9312

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