13 Nov 2013
AUD/USD gives up 0.93; below EMA20.
FXstreet.com (Chicago) - AUD/USD can’t bear downward pressure giving up the 0.93 front after the release of all Australian data due today.
Perspective
According to Jim Langlands from FXcharts “the Aud took another hit today after yesterday’s weak NAB business confidence data and it looks as though the downside is not yet finished with. The early bounce in yesterday’s session was even more limited than we thought it might be, in only reaching 0.9367, and from there it was really downhill all the way. The charts are approaching some strong term support at our medium term target of 0.9250 though, and are also becoming oversold, so I would think that 0.9250 will hold, at least through the coming session. The 100DMA now lies at 0.9265 which in turn comes ahead of the Fibo support at 0.9223 (0.618% of 0.8891/0.9757) and then the original neckline of the head and shoulders that we were previously watching, at 0.9210.”
AUD/USD Technical Levels
Price action reveals the pair falls to bearish pressure retracing from the 0.93 zone to now trade at 0.9290. On the downside, supports are aligned at 0.9283 (September 11th lows), 0.9248 (September 14th highs) while the upside prints resistances at 0.9225 (September 28th lows) and the resistances set at 0.9330 (November 11th lows), 0.9365 (November 8th lows) followed by 0.9391 (November 8th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.
Perspective
According to Jim Langlands from FXcharts “the Aud took another hit today after yesterday’s weak NAB business confidence data and it looks as though the downside is not yet finished with. The early bounce in yesterday’s session was even more limited than we thought it might be, in only reaching 0.9367, and from there it was really downhill all the way. The charts are approaching some strong term support at our medium term target of 0.9250 though, and are also becoming oversold, so I would think that 0.9250 will hold, at least through the coming session. The 100DMA now lies at 0.9265 which in turn comes ahead of the Fibo support at 0.9223 (0.618% of 0.8891/0.9757) and then the original neckline of the head and shoulders that we were previously watching, at 0.9210.”
AUD/USD Technical Levels
Price action reveals the pair falls to bearish pressure retracing from the 0.93 zone to now trade at 0.9290. On the downside, supports are aligned at 0.9283 (September 11th lows), 0.9248 (September 14th highs) while the upside prints resistances at 0.9225 (September 28th lows) and the resistances set at 0.9330 (November 11th lows), 0.9365 (November 8th lows) followed by 0.9391 (November 8th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis below the EMA20.