19 Dec 2014
AUD/USD downside: Key levels ahead
FXStreet (Guatemala) - AUD/USD is trading at 0.8129, down -0.50% on the day, having posted a daily high at 0.8195 and low at 0.8122.
AUD/USD remains heavy and below the 20 DMA just shy of the 0.82 handle. The market is starting to calm down as we head into thinner territory with holiday starting to take place. The greenback has remained bid and is trading at the highest level on the index again, making a new high at the end of this week of 11527.
The Aussie is trailing along, looking to be attempting to stabilise near term within an environment of supply. However, above 0.8200 there lies the initial resistance of the Imoku 1 resistance at 0.8242, and according to Karen Jones, chief analyst at Commerzbank, it will have to overcome this for an attempt on the downtrend at 0.8510.
To the downside and below the 0.8108 recent low lies the 0.8068 2010 low and beyond that, as noted by Jones, we have a long term double Fibonacci support at 0.7950/30. “These are 3 major levels of support for the market and we would expect to see signs of recovery down here”.
AUD/USD remains heavy and below the 20 DMA just shy of the 0.82 handle. The market is starting to calm down as we head into thinner territory with holiday starting to take place. The greenback has remained bid and is trading at the highest level on the index again, making a new high at the end of this week of 11527.
The Aussie is trailing along, looking to be attempting to stabilise near term within an environment of supply. However, above 0.8200 there lies the initial resistance of the Imoku 1 resistance at 0.8242, and according to Karen Jones, chief analyst at Commerzbank, it will have to overcome this for an attempt on the downtrend at 0.8510.
To the downside and below the 0.8108 recent low lies the 0.8068 2010 low and beyond that, as noted by Jones, we have a long term double Fibonacci support at 0.7950/30. “These are 3 major levels of support for the market and we would expect to see signs of recovery down here”.