14 Apr 2014
AUD/USD under mild pressure below 0.94
FXStreet (Bali) - AUD/USD trades a tad lower under the 0.94 mark, despite largely ignoring the weekend's 'risk off' headlines coming from the Ukraine.
The AUD/USD market environment continues firmly bullish, despite last Friday's losses after overshooting a key 38.2% fib retrac at 0.94, peaking out at .9460 before sellers stepped in to currently send the rate slightly lower at 0.9377. An early warning sign for bulls short term is the inability to regain the 0.9425/30 high after a double topside failure last April 10/11.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The AUD/USD presents a slightly bearish tone, with the hourly chart showing indicators heading lower around their midlines and price hovering around its 20 SMA. In the 4 hours chart indicators corrected extreme overbought readings and turned flat above their midlines, while price continues to hold above its 20 SMA, that losses some of its upward potential."
"Despite the ruling bullish trend remains intact, the pair may be due to a short term intraday bearish correction, eyeing a test of 0.9300 particularly if risk aversion escalates this Monday", Bednarik adds.
The AUD/USD market environment continues firmly bullish, despite last Friday's losses after overshooting a key 38.2% fib retrac at 0.94, peaking out at .9460 before sellers stepped in to currently send the rate slightly lower at 0.9377. An early warning sign for bulls short term is the inability to regain the 0.9425/30 high after a double topside failure last April 10/11.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The AUD/USD presents a slightly bearish tone, with the hourly chart showing indicators heading lower around their midlines and price hovering around its 20 SMA. In the 4 hours chart indicators corrected extreme overbought readings and turned flat above their midlines, while price continues to hold above its 20 SMA, that losses some of its upward potential."
"Despite the ruling bullish trend remains intact, the pair may be due to a short term intraday bearish correction, eyeing a test of 0.9300 particularly if risk aversion escalates this Monday", Bednarik adds.