Australian Dollar Bottoms

05/07/2009 1:13 pm EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

chart

This week’s close in the Australian dollar should complete the weekly bottom formation as the June contract should close above the weekly resistance at 7400. Volume is confirming the price action as the OBV is rising and well above its WMA. As the 38% resistance has been overcome, the next targets are in the 7900 area.

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