Forex: AUD/USD retreat extends to 0.9120 support

By IBTimes Staff Reporter | January 20 2010 8:16 AM

FXstreet.com (Barcelona) - Australian Dollar has broken through the floor of last weeks trading range, at 0.9170/75 area and retreat from 0.9330 high on Jan 11 and 14 has extended to 0.9120 support level which, so far, remains intact with the pair trading around 0.9150.

Sponsorship Link

If support at 0.9150/60 holds, the Kshitij Consultancy Service Team, observes some chances for a bounce to 0.9220-50: Aussie is continuing to trade lower and has moved down towards the Support in 0.9120-00 region. If this Support region holds, we might see a bounce back once again towards 0.9220-50.

On the downside, below 0.9100 the pair could extend its decline to 0.9000 area, says the Kshitij Consultancy Service Team: a break below 0.9100 might pull it further down towards 0.9000. Remember 0.9017, the 61.8% Fibonacci Fan line Support [obtained by joining 13-Mar-09 low (0.6304) and 03-Jun-09 high (0.8240)] and 0.8994 (21-Week MA) are the significant Support levels seen below 0.9100.

.