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4 Aug 2014
AUD/USD sluggish, lacking conviction ahead of a move lower
FXStreet (Guatemala) - AUD/USD is trading at 0.9318, up 0.05% on the day, having posted a daily high at 0.9321 and low at 0.9305.
AUD is a self destruction case based upon last weeks performance and is slacking on the 0.93 handle. Valeria Bednarik, chief analyst at FXStreet explained that “Technically however, the hourly chart shows price steady above its 20 SMA and indicators heading north in positive territory, suggesting at least an upward correction before a new leg down" Bednarik followed with noting that in the 4 hours chart however, price stands below a strongly bearish 20 SMA while indicators aim higher below their midlines. "Price needs not only to break but also to consolidate above the 0.9330 level to discourage selling interest and attempt an upward correction towards the 0.9370 area. Below 0.9260 on the other hand the bearish potential increases, looking then for a steady fall towards 0.9000 over the upcoming days".
AUD/USD Levels
Current price is 0.9318, with resistance ahead at 0.9325 (Daily 100 SMA), 0.9336 (Weekly Classic PP), 0.9342 (Hourly 100 SMA), 0.9370 and 0.9420. Next support to the downside can be found at 0.9302 (Hourly 20 EMA) 0.9260 ,0.9220 and 0.9175.
AUD is a self destruction case based upon last weeks performance and is slacking on the 0.93 handle. Valeria Bednarik, chief analyst at FXStreet explained that “Technically however, the hourly chart shows price steady above its 20 SMA and indicators heading north in positive territory, suggesting at least an upward correction before a new leg down" Bednarik followed with noting that in the 4 hours chart however, price stands below a strongly bearish 20 SMA while indicators aim higher below their midlines. "Price needs not only to break but also to consolidate above the 0.9330 level to discourage selling interest and attempt an upward correction towards the 0.9370 area. Below 0.9260 on the other hand the bearish potential increases, looking then for a steady fall towards 0.9000 over the upcoming days".
AUD/USD Levels
Current price is 0.9318, with resistance ahead at 0.9325 (Daily 100 SMA), 0.9336 (Weekly Classic PP), 0.9342 (Hourly 100 SMA), 0.9370 and 0.9420. Next support to the downside can be found at 0.9302 (Hourly 20 EMA) 0.9260 ,0.9220 and 0.9175.