Archived IMT (2010.05.28)

AUSSIE REBOUND to face downward pressure at the 0.8575-80 level, which served as a major support in Oct 2009 and Feb 2010. Acting as a key resistance today, 0.8570s also represent the 38% retracement of the decline from the 0.9380 high to the 0.8073 low. Aussie bulls need to see a weekly close above 0.8580 in order to build hopes of seeing a print of 0.8720s. It is time for the Aussie to stage a weekly rally after 6 consecutive weekly losses, but the reality of the RBA remaining on hold next week will likely stand in the way of any real advances. Alaso keep pon eye on whether S&P500 and Dow-30 close the week above the 200-DAY MAs of 1,103 and 10,273 respectively. REGISTER for Ashraf's SEMINARS IN SYDNEY & MELBOURNE next week (open to non-clients)

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