AUD/USD – Break below 1.0629 could signal drop to 1.0405 – MIG Bank

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Wednesday, 22 February 2012 21:30

MIG Bank analysts see the AUD/USD testing the 1.0629 support (Feb-low) and warn that a steady decline below that area would risk further downside to 1.0405 (200-day MA), break of which would target 1.0146 (Jan-9 low) and parity level.

“In the meantime, settlement back above 1.0629/1.0650 would suggest that a minor correction has ended, suggesting scope for an attack on resistance at 1.0845 (swing high) and then 1.1081 (27th July peak)”, writes Ron William, analyst at the MIG Ban