11 Apr 2014
AUD/USD: the downside correction is ripe
FXStreet (Moscow) - The time for AUD/USD downside correction has come as the pair lost about 30 pips after opening at 0.9413.
You can’t win them all
AUD/USD bullish assault was defeated at the November highs of 1.9461. The pair ended Thursday on 0.9413 as the failed attempt to break above the resistance level triggered the technical correction. Early on Friday Aussie continued to weaker and slides below 0.9400 level. The downside is a welcome correction as the AUD/USD is heavily overbought. Apart form technical factors and profit taking ahead of the weekend, risk aversive sentiments and weaker that expected Chinese inflation numbers may be cited as the triggers for the Aussie downside correction that may extend to the initial bearish target at 0.9350. The resistance is seen at 0.9400.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9416, with support below at 0.9368, 0.9323 and 0.9275, with resistance above at 0.9461, 0.9509 and 0.9554. Hourly Moving Averages are mixed, with the 200SMA at 0.9298 and the daily 20EMA is bullish at 0.9289. Hourly RSI is bearish at 39.
You can’t win them all
AUD/USD bullish assault was defeated at the November highs of 1.9461. The pair ended Thursday on 0.9413 as the failed attempt to break above the resistance level triggered the technical correction. Early on Friday Aussie continued to weaker and slides below 0.9400 level. The downside is a welcome correction as the AUD/USD is heavily overbought. Apart form technical factors and profit taking ahead of the weekend, risk aversive sentiments and weaker that expected Chinese inflation numbers may be cited as the triggers for the Aussie downside correction that may extend to the initial bearish target at 0.9350. The resistance is seen at 0.9400.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9416, with support below at 0.9368, 0.9323 and 0.9275, with resistance above at 0.9461, 0.9509 and 0.9554. Hourly Moving Averages are mixed, with the 200SMA at 0.9298 and the daily 20EMA is bullish at 0.9289. Hourly RSI is bearish at 39.