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22 May 2014
AUD/USD defending key supporting levels
FXStreet (Guatemala) - AUD/USD is trading at 0.9251, down 0.00% on the day, having posted a daily high at 0.9253 and low at 0.9250.
AUD/USD was testing the downside when it took out the 2014 uptrend when selling off aggressively. Karen Jones, chief economist at Commerzbank explained that the intraday Elliott wave count had become more negative and it is suggesting the that 0.9203 recent low will not hold. “Failure here will suggest that the market has in fact topped and trigger losses to the 0.9155 then 0.9060 levels. These represent the 38.2% and 50% retracements of the up move seen this year”. With current price action, these risks are fading while the US dollar stronger across the board in the US session. The FOMC minutes did not offer anything further for markets to deviate from and the general consensus is that we are still very much on track for a rate increase in a years time from the Fed.
AUD/USD Levels
Spot is presently trading at 0.9252, and next resistance can be seen at 0.9253 (Daily High), 0.9255 (Yesterday's High), 0.9273 (Daily Classic PP), 0.9281 (Weekly Classic S2) and 0.9307 (Daily Classic R1). Next support to the downside can be found at 0.9251 (Daily Open), 0.9250 (Daily Low), 0.9243 (Monthly Low), 0.9243 (Weekly Low) and 0.9236 (Weekly Classic S3).
AUD/USD chart formations
Regarding candlestick formations, we can see Doji formation on the 4-hour.
AUD/USD was testing the downside when it took out the 2014 uptrend when selling off aggressively. Karen Jones, chief economist at Commerzbank explained that the intraday Elliott wave count had become more negative and it is suggesting the that 0.9203 recent low will not hold. “Failure here will suggest that the market has in fact topped and trigger losses to the 0.9155 then 0.9060 levels. These represent the 38.2% and 50% retracements of the up move seen this year”. With current price action, these risks are fading while the US dollar stronger across the board in the US session. The FOMC minutes did not offer anything further for markets to deviate from and the general consensus is that we are still very much on track for a rate increase in a years time from the Fed.
AUD/USD Levels
Spot is presently trading at 0.9252, and next resistance can be seen at 0.9253 (Daily High), 0.9255 (Yesterday's High), 0.9273 (Daily Classic PP), 0.9281 (Weekly Classic S2) and 0.9307 (Daily Classic R1). Next support to the downside can be found at 0.9251 (Daily Open), 0.9250 (Daily Low), 0.9243 (Monthly Low), 0.9243 (Weekly Low) and 0.9236 (Weekly Classic S3).
AUD/USD chart formations
Regarding candlestick formations, we can see Doji formation on the 4-hour.