X

Select the account you'd like to open

News

Brambles and the Aussie Dollar

Brambles and the Aussie Dollar

Looking at the list of stocks having the biggest negative influence on the Australia 200 this morning its’ all about shares with a negative exposure to the stronger $A. CSL, Brambles, QBE and Ramsey Healthcare head the list

The Aussie Dollar tested resistance around .753 last night. At  the same time Brambles is approaching the support of a double top pattern around last week's lows at $12.20

A break below this support implies potential for a deeper correction. Potential levels for this could be:

 

 

 

 

 

 

 

 

 

 

 

  • The 38.2% Fibonacci retracement around $11.80. At that level, the move from the double bottom support would be 61.8% of the pattern height which you often see
  • The measured move of the pattern height from the break around $11.60
  • The 50% retracement and top of the recent price gap around $11.46.
  • The 61.8% retracement and the bottom of the price gap around $11.07/$11.12

 

Brambles Daily Brambles Daily

Triangle alternative

It always pays to see things both ways as a trader of course. If the support holds, this situation could also develop into a triangle or rectangle pattern. In that case a break through the top of the pattern could be a bullish development. This might coincide with the Aussie Dollar rejecting the current resistance and starting to move lower.


Sign up for market update emails