Thread: Aud/Usd
Continue AUD / USD trading above the support level at 1.0325, and the rate needs to pierce through the positive level of 1.0365 to enhance the opportunities to rise and the achievement of the Millennium emerging awaited bearish but rebounded to a 55 then moving average
Expectations remain positive list of what is not broke level 1.0325
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Buy : 1.0303, 1.0280
TP : 1.0404
Stoploss : 1.0240
Sell : 1.0360, 1.0393
TP : 1.0222
Stoploss : 1.0444
Resisten : 1.0391, 1.0448
Support : 1.0303, 1.0272
Range : 1.0260 - 1.0404
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Intraday bias in AUD/USD remains neutral for the moment. As noted before, choppy recovery from 1.0148 should merely be a corrective rise. Hence, even in case of another rise, we'd expect strong resistance from 61.8% retracement of 1.0624 to 1.0148 at 1.0442 to limit upside and bring fall resumption eventually. Break of 1.0235 will suggest that such corrective rise is finished and fall from 1.0624 is resuming for another low below 1.0148
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Just made a couple retreat to the north slope of the trend line shows the stochastic buy signal, also comes the double bottom formation on the hourly time frame, waiting for growth to the north 0400.
Areas of 1.0330 confirmed its strength, as the downside move was stopped at this level and the pair formed a bullish candlestick structure . We see the possibility for the pair to return to the upside and stabilize above 1.0385 supported by the suggested ascending channel. Stability above 1.0330 is required to support this outlook, while over weekly basis the pair must hold above 1.0260 or the upside move will fail.
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The course continues to decrease straying from resistance 0400, but the couple resumed its decline after a small correction but to further reduce it to overcome the sliding-200 then open the way to 0310.
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Aud/usd technical analysis for 05.11.2012 by using : Auto pivot indicator.
resistance 3:1.0487
resistance 2:1.0454
resistance 1:1.0396
pivot point :1.0363
support 1:1.0305
support 2:1.0272
support 3:1.0214
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On daily chart, aussie seems trapped inside its
ascending triangle; signal sideways
movement. Need to clear either side of
triangle to decide further movement.
Nevertheless, falling stochastic and RSI could
erode aussie performance in short-term even
though downside pressures may limited by
Moving Average 50-100-200. For short-term,
still prefer short position with stop-loss 1.0430
and downside target 1.0250. 1.0420 and
1.0475 (November 2 and September 28 high)
are resistance. 1.0305 and 1.0235 (October 26
and 23 low) will be support.
Resistance Level : 1.0420, 1.0475, 1.0520
Support Level : 1.0305, 1.0235, 1.0175
Trading Range : 1.0270 – 1.0420
Trend : Sideways
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Expected trading range for this week between: support 1.0245 and resistance at 1.0550
General tendency is expected for this week: UP
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After touching 1.0410 resistance, AUDUSD pulled back from 1.0418, suggesting that a cycle top has been formed on 4-hour chart.
Further decline would likely be seen in a couple of days, and next target would be at 1.0300 area.
Resistance is at 1.0418, only break above this level could trigger another rise towards 1.0500.
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