8 Apr 2014
Aussie bulls are insatiable; AUD/USD at new multi-month high
FXStreet (Moscow) - AUD/USD stopped to take a breath just above new high set at 0.9341.
Forget about fundamentals, technicals are the key
AUD/USD cracks one resistance after another and nothing seems to be able to stop it. The pair just extended highs to 0.9341, taking out an important resistance of 0.9330 on the move. Fundamentally there is nothing to support the rise, so it is just a technical play. Large stops absorbed above 0.9300-0.9308 triggered powerful bullish dynamics that took the pair above a number of key levels. The next important barrier is seen at 0.9350, should it be broken, the upside will accelerate to 0.9380.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9273, with support below at 0.9250, 0.9229 and 0.9206, with resistance above at 0.9294, 0.9317 and 0.9338. Hourly Moving Averages are mixed, with the 200SMA at 0.9251 and the daily 20EMA is bullish at 0.9172. Hourly RSI is bullish at 56.
Forget about fundamentals, technicals are the key
AUD/USD cracks one resistance after another and nothing seems to be able to stop it. The pair just extended highs to 0.9341, taking out an important resistance of 0.9330 on the move. Fundamentally there is nothing to support the rise, so it is just a technical play. Large stops absorbed above 0.9300-0.9308 triggered powerful bullish dynamics that took the pair above a number of key levels. The next important barrier is seen at 0.9350, should it be broken, the upside will accelerate to 0.9380.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9273, with support below at 0.9250, 0.9229 and 0.9206, with resistance above at 0.9294, 0.9317 and 0.9338. Hourly Moving Averages are mixed, with the 200SMA at 0.9251 and the daily 20EMA is bullish at 0.9172. Hourly RSI is bullish at 56.