Aussie & Cable Upside

by Ashraf Laidi

Mar 13, 2009 13:38

AUDUSD & Cable set up for prolonged gains as US stock futures push to the upside. Smaller than expected US trade deficit at $36 billion to help sentiment as it means, hence a positive for no-USD currencies. Although daily stochastics in AUDUSD show sign of a peak, the fact that TL resistance was broken and that weekly stochastics remain positive suggests upside to breach the next targets at 0.6630s and 0.6720, which could be interrupted by an interim correction towards 0.6460s. Cable shows better technicals after having breached the $1.3970s, now facing two targets at $1.4120, followed by $1.4320.

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