ISE FX Australian Dollar: bullish bias above 106.

on May 10 2010 11:20 AM

Update on supports and resistances.Resistance3 : 127.5Resistance2 : 122.5Resistance1 : 116.5Last Price : 110.85Pivot Point: 106Support1 : 106Support2 : 102Support3 : 94Pivot: 106Our preference: Long positions above 106 with targets @ 116.5 & 122.5 in extension.Alternative scenario: Below 106 look for further downside with 102 & 94 as targets.Comment: the pair is shaping a tentative double bottom.127.5122.5116.5110.85 (last)10610294*USD/AUD Index: the ISE Exchange measures the strength and weakness of the US DOLLAR versus the AUSTRALIAN DOLLAR. For details go to www.ise.com

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