13 Oct 2014
AUD/USD: Bearish tide recedes, 0.87 re-taken
FXStreet (Bali) - AUD/USD is running an impressive intraday recovery off 0.8650 lows, currently at 0.8725/30 day highs following Chinese trade numbers, which came below market expectations.
Jim Langlands, Founder at FXCharts, notes: "On the topside, 0.8700 will now see sellers ahead of minor resistance at 0.8730, the 200 HMA at 0.8760 (200 HMA) and the 100 HMA at 0.8785." However, Jim adds, that "the trend remains lower, so a break of 0.8642 would then find bids at the July 2013 low of 0.8632 ahead of 0.8600."
Jim Langlands, Founder at FXCharts, notes: "On the topside, 0.8700 will now see sellers ahead of minor resistance at 0.8730, the 200 HMA at 0.8760 (200 HMA) and the 100 HMA at 0.8785." However, Jim adds, that "the trend remains lower, so a break of 0.8642 would then find bids at the July 2013 low of 0.8632 ahead of 0.8600."