Aussie dollar rockets through critical daily resistance
The Australian dollar is the top performer against a weaker greenback with a massive advance of more than 1.38% on the session. Stronger than expected employment data out of Australia last night prompted a sharp rally in the aussie after the report showed the economy had created 44K jobs in the month of March, up from a previous decline of 15.4K. Expectations were for a print of just 6.5% with the unemployment rate also topping expectations with a hold at 5.2% vs. consensus calls for a read of 5.3%. The daily chart attests to the sheer magnitude of the day’s advance with the pair clearing critical resistance at the confluence of channel resistance and the 50% Fibonacci retracement taken from the December 15th advance at 1.0360. Subsequent topside targets have also been compromised at the 200 and 100-day moving averages at 1.0380 and 1.0410 respectively. Note that the breach above RSI resistance confirmed the break with the aussie likely to see further topside moves before heading lower.
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Thursday, April 12, 2012
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