Monday, May 16, 2016

AUD/USD at Support

AUD/USD is trading at support which at this time appears to be the 200SMA level. As price went out of the trading channel bears were insistent enough to take it further down to a low of 0.7245. Price reacted positively to this and now AUD/USD is trading close to 0.73.

First resistance is seen at 0.7324 while first support is 0.7265. If the support level is broken then the pair might revisit lowest low and if that doesn't hold we might see an attempt to go for 0.70.

On the other hand, if the resistance level is taken out then the pair might try to go to into the bullish channel again.

Chart: AUD/USD H4


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8 comments:

  1. UnknownMay 16, 2016 at 6:08 PM

    Thank you for the accurate analysis.

    ReplyDelete
  2. UnknownMay 16, 2016 at 8:27 PM

    It looks like it found some resistance at 0.7300.

    ReplyDelete
  3. UnknownMay 17, 2016 at 11:59 AM

    Big drop on AUD/USD.

    ReplyDelete
  4. UnknownMay 17, 2016 at 10:02 PM

    Bulls conquered the resistance level and today the pair hiked 0.57% upwards reaching 0.7367.

    ReplyDelete
  5. UnknownMay 18, 2016 at 2:21 AM

    Thanks for sharing your point of view.

    ReplyDelete
  6. UnknownMay 20, 2016 at 11:41 AM

    Great analysis! Congratulations.

    ReplyDelete
  7. UnknownMay 20, 2016 at 6:42 PM

    Very useful article.

    ReplyDelete
  8. UnknownMay 23, 2016 at 5:36 AM

    Interesting levels to be watchful of, thanks for the info.

    ReplyDelete

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