Australian dollar bounces off key support

by Gary Glover

In our recent stockwatch video we spoke about the importance of the 80c level on the Australian dollar and the history of support and resistance at this point.  In the last week we have seen a nice bounce off this key support zone.  A stronger Australian dollar will be positive for commodity prices and resource stocks, so this bounce could be a signifiicant factor on whethjer we see a meaningful bounce in the resource sector or not.  Some positive signs suggests at least a small to medium bounce might be possible here.  80c will remain a key price point in the future.  

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Gary Glover is an Authorised Representative (Rep No. 259215) of Novus Capital Limited ("Novus"). Novus is a holder of Australian Financial Services Licence No 238 168. Novus, its directors, officers, associates and employees each declare that they, from time to time, may hold interests in financial products and/or earn brokerage, commission, fees or other benefits from financial products mentioned in this e-mail or attached documents. Unless specifically stated within this page or an attached document, any information communicated by this e-mail constitutes unsolicited general financial product advice which has been compiled without regard to any investor's individual objectives, financial situation or needs. It is not specific advice for any particular investor. Before making any decision about the information provided, you need to consider the appropriateness of this information having regard to your individual objectives, financial situation and needs and consult your adviser. Any indicative information and assumptions used here are summarised and also may change without notice to you, particularly if based on past performance or relate to a future matter.