23 May 2014
AUD/USD flat but longer term picture is bearish
FXStreet (Barcelona) - FXStreet (Guatemala) - AUD/USD is trading at 0.9236, up 0.15% on the day, having posted a daily high at 0.9252 and low at 0.9214.
AUD/USD is ending flat into the closing hours of the week, extending the sideways channel formed post the drop from 0.9360 territory at the start of the week.. Looking into the pair, Strategists at Westpac Banking Corporation ABN, on the 11th April, argued that the AUD was likely to remain in a 0.92 to 0.95 range. They argued "much beyond the 0.9480/0.9500 level there doesn't seem to be an awful lot of upside here". The models, indicators and signals that they have reviewed suggest this range trade is set to continue. “It remains our view that the risks for the A$ are that we move closer to the 0.90 level by year end driven by: Improving US data/ higher yields, Softer commodity prices, weaker Chinese data pulse and an RBA very much on hold”.
AUD/USD Levels
Spot is presently trading at 0.9236, and next resistance can be seen at 0.9236 (Weekly Classic S3), 0.9237 (Daily Classic PP), 0.9252 (Daily High), 0.9255 (Hourly 100 SMA) and 0.9261 (Daily Classic R1). Support below can be found at 0.9234 (Hourly 20 EMA), 0.9226 (Daily Open), 0.9222 (Monthly Low), 0.9222 (Weekly Low) and 0.9214 (Daily Low).
AUD/USD chart formations
Regarding candlestick formations, we can see Doji formation on the 4-hour.
AUD/USD is ending flat into the closing hours of the week, extending the sideways channel formed post the drop from 0.9360 territory at the start of the week.. Looking into the pair, Strategists at Westpac Banking Corporation ABN, on the 11th April, argued that the AUD was likely to remain in a 0.92 to 0.95 range. They argued "much beyond the 0.9480/0.9500 level there doesn't seem to be an awful lot of upside here". The models, indicators and signals that they have reviewed suggest this range trade is set to continue. “It remains our view that the risks for the A$ are that we move closer to the 0.90 level by year end driven by: Improving US data/ higher yields, Softer commodity prices, weaker Chinese data pulse and an RBA very much on hold”.
AUD/USD Levels
Spot is presently trading at 0.9236, and next resistance can be seen at 0.9236 (Weekly Classic S3), 0.9237 (Daily Classic PP), 0.9252 (Daily High), 0.9255 (Hourly 100 SMA) and 0.9261 (Daily Classic R1). Support below can be found at 0.9234 (Hourly 20 EMA), 0.9226 (Daily Open), 0.9222 (Monthly Low), 0.9222 (Weekly Low) and 0.9214 (Daily Low).
AUD/USD chart formations
Regarding candlestick formations, we can see Doji formation on the 4-hour.