Back
1 Apr 2014
AUD/USD is on the verge of deeper correction
FXStreet (Moscow) - AUD/USD is trying to absorb bids at 0.9250 and break below. Monday’s low at 0.9218 is in sight
AUD/USD is getting ready for downside correction
AUD/USD touched the intraday high at 0.9302 during Asian hours after the RBA monetary policy decision. The central bank refrained from aggressive verbal interventions this time, which was mildly positive for Aussie. But 0.9300 resistance seems to be too strong to be taken out easily. The pair bumped into the strong offers coupled with market stops and retried lower. AUD/USD moved to the support level at 0.9250 with demand on approach, once it is taken out, the pair may drop to Monday’s low at 0.9218. While the longer term trend points higher, the healthy correction is not out of the question. Take note of the falling star that appeared on March 28. This is a reversal model that signals the bulls fatigue. From the fundamental point of view there is another calendar risk event - US ISM - that may trigger market volatility.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9254, with support below at 0.9227, 0.9191 and 0.9164, with resistance above at 0.9290, 0.9317 and 0.9353. Hourly Moving Averages are mostly bullish, with the 200SMA at 0.9163 and the daily 20EMA is bullish at 0.9115. Hourly RSI is neutral at 64.
AUD/USD is getting ready for downside correction
AUD/USD touched the intraday high at 0.9302 during Asian hours after the RBA monetary policy decision. The central bank refrained from aggressive verbal interventions this time, which was mildly positive for Aussie. But 0.9300 resistance seems to be too strong to be taken out easily. The pair bumped into the strong offers coupled with market stops and retried lower. AUD/USD moved to the support level at 0.9250 with demand on approach, once it is taken out, the pair may drop to Monday’s low at 0.9218. While the longer term trend points higher, the healthy correction is not out of the question. Take note of the falling star that appeared on March 28. This is a reversal model that signals the bulls fatigue. From the fundamental point of view there is another calendar risk event - US ISM - that may trigger market volatility.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9254, with support below at 0.9227, 0.9191 and 0.9164, with resistance above at 0.9290, 0.9317 and 0.9353. Hourly Moving Averages are mostly bullish, with the 200SMA at 0.9163 and the daily 20EMA is bullish at 0.9115. Hourly RSI is neutral at 64.