1 Aug 2013
AUD/USD stalls the cascade lower above 0.8950
FXstreet.com (Barcelona) - The AUD/USD foreign exchange rate is last trading at 0.8980, off recent session highs at 0.9011, once the pair has bounce from a double multi-year low set at 0.8934, lowest since Sept 2010, down almost a -3% so far for this week alone.
AUD/USD short term bullish
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, “the hourly chart shows price unable to overcome 20 SMA as indicators correct higher, still in negative territory. In the 4 hours chart indicators continue to head lower despite in oversold territory, reinforcing the bearish dominant trend. Upward corrections up to 0.9070 should provide selling opportunities as well as a break below low at 0.8934. Short term bullish, sellers had been taking their chances in the 0.9300/20 area, so only steady gains above the level will confirm an upward continuation in the Asian session.”
AUD/USD key technical levels
Bednarik finds support levels at: 0.8940, 0.8900 and 0.8870, while resistance levels: 0.9010, 0.9030 and 0.9070.
AUD/USD short term bullish
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, “the hourly chart shows price unable to overcome 20 SMA as indicators correct higher, still in negative territory. In the 4 hours chart indicators continue to head lower despite in oversold territory, reinforcing the bearish dominant trend. Upward corrections up to 0.9070 should provide selling opportunities as well as a break below low at 0.8934. Short term bullish, sellers had been taking their chances in the 0.9300/20 area, so only steady gains above the level will confirm an upward continuation in the Asian session.”
AUD/USD key technical levels
Bednarik finds support levels at: 0.8940, 0.8900 and 0.8870, while resistance levels: 0.9010, 0.9030 and 0.9070.