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3 Jun 2014
AUD/USD threatening the downside
FXStreet (Guatemala) - AUD/USD is trading at 0.9254, up 0.10% on the day, having posted a daily high at 0.9290 and low at 0.9229
AUD/USD is reluctant to assume the upside currently, and the sharp about turn seen yesterday has called into question the previously robust rebound off the 0.9203 low. Karen Jones, chief analyst at Commerzbank noted that we have seen 5 tests of this level and currently she said they are unable to rule out a retest of this support. “While it holds, we will assume that it is well placed to tackle the 0.9375 resistance line. This guards the current May high at 0.9409 and the 0.9460 April high. Please note however that the intraday Elliott wave signals are negative and we would allow for a retest of 0.9203 very near term. We will assume while above 0.9203 an upside bias persists, only below here would introduce scope to 0.9155 and 0.9060”.
AUD/USD Levels
With spot trading at 0.9254, we can see next resistance ahead at 0.9258 (Hourly 200 SMA), 0.9258 (Hourly 20 EMA), 0.9264 (Daily Classic PP), 0.9271 (Hourly 100 SMA) and 0.9284 (Weekly Classic PP). Support below can be found at 0.9246 (Daily Open), 0.9237 (Weekly Classic S1), 0.9236 (Weekly Low), 0.9233 (Yesterday's Low) and 0.9229 (Daily Low).
AUD/USD is reluctant to assume the upside currently, and the sharp about turn seen yesterday has called into question the previously robust rebound off the 0.9203 low. Karen Jones, chief analyst at Commerzbank noted that we have seen 5 tests of this level and currently she said they are unable to rule out a retest of this support. “While it holds, we will assume that it is well placed to tackle the 0.9375 resistance line. This guards the current May high at 0.9409 and the 0.9460 April high. Please note however that the intraday Elliott wave signals are negative and we would allow for a retest of 0.9203 very near term. We will assume while above 0.9203 an upside bias persists, only below here would introduce scope to 0.9155 and 0.9060”.
AUD/USD Levels
With spot trading at 0.9254, we can see next resistance ahead at 0.9258 (Hourly 200 SMA), 0.9258 (Hourly 20 EMA), 0.9264 (Daily Classic PP), 0.9271 (Hourly 100 SMA) and 0.9284 (Weekly Classic PP). Support below can be found at 0.9246 (Daily Open), 0.9237 (Weekly Classic S1), 0.9236 (Weekly Low), 0.9233 (Yesterday's Low) and 0.9229 (Daily Low).