March Australian dollar futures a selling opportunity on more price weakness.
See on the daily bar chart for the March Australian dollar futures that prices are in a solid five-week-old downtrend and have recently hit a nearly three-month low. The bears have good downside technical momentum to suggest still more downside price pressure in the near term. A move below chart support at last week’s low of .8996 would become a selling opportunity. The downside price objective would be .9700, or below. Technical resistance, for which to place a protective buy stop just above, is located at .9100.
