28 Jul 2014
AUD/USD retesting 0.94 in early Asia
FXStreet (Bali) - AUD/USD has found an area of demand between 0.9380 and 0.9392, allowing the exchange rate to rebound some odd 10 pips or so for a retest of 0.94 in thin Asian markets.
According to Jim Langlands, Founder at FXCharts: "The 4 hour charts suggest further near term weakness ahead and if we take out the rising trend support, currently at 0.9367 then we could see an acceleration towards the recent lows at 0.9330 which should again see decent buying interest."
On the topside, Jim adds: "0.9400 will again be a bit of stumbling block, but if it can be overcome, look for a run up towards the 100 HMA at 0.9415 and then on towards 0.9430. With the 4h charts pointing lower, I don’t really see it up here again near term."
According to Jim Langlands, Founder at FXCharts: "The 4 hour charts suggest further near term weakness ahead and if we take out the rising trend support, currently at 0.9367 then we could see an acceleration towards the recent lows at 0.9330 which should again see decent buying interest."
On the topside, Jim adds: "0.9400 will again be a bit of stumbling block, but if it can be overcome, look for a run up towards the 100 HMA at 0.9415 and then on towards 0.9430. With the 4h charts pointing lower, I don’t really see it up here again near term."