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1 Apr 2014
AUD/USD bulls strengthening
FXStreet (Guatemala) - Currently, AUD/USD is trading at 0.9267, up 0.21% on the day, having posted a daily high at 0.9280 and low at 0.9218. As noted below, a hammer indicates that the bulls are strengthening.
Karen Jones, chief analyst at Commerzbank explained the top of the channel lies at 0.9340 and the Fibonacci retracement at 0.9338. She noted that this was tough resistance to deal with and the market is seeing some profit taking. “Intraday rallies should ideally terminate circa 0.9260. Above 0.9338/40, the 61.8% retracement and channel, targets the 0.9348 55-week ma and introduces scope to 0.9448, the November high”.
AUD/USD dips to test key 0.9031?
She added, “Dips need to break the support line at 0.9031 in order to alleviate upside pressure and while above here, the market will remain bid. Support ahead of here lies at 0.9145/05.”
AUD/USD Levels (Hourly Hammer)
With spot trading at 0.9268, we can see next resistance ahead at 0.9280 (Daily High), 0.9285 (Daily Classic R1), 0.9297 (Yesterday's High),0.9321 (Daily Classic R2) and 0.9346 (Daily Classic R3). Support below can be found at 0.9260 (Daily Classic PP), 0.9259 (Monthly High), 0.9259 (Weekly High), 0.9259 (YTD High) and 0.9254 (Hourly20 EMA). Looking to candlestick patterns, we can see a Hammer formation on the 1-hour chart.
Karen Jones, chief analyst at Commerzbank explained the top of the channel lies at 0.9340 and the Fibonacci retracement at 0.9338. She noted that this was tough resistance to deal with and the market is seeing some profit taking. “Intraday rallies should ideally terminate circa 0.9260. Above 0.9338/40, the 61.8% retracement and channel, targets the 0.9348 55-week ma and introduces scope to 0.9448, the November high”.
AUD/USD dips to test key 0.9031?
She added, “Dips need to break the support line at 0.9031 in order to alleviate upside pressure and while above here, the market will remain bid. Support ahead of here lies at 0.9145/05.”
AUD/USD Levels (Hourly Hammer)
With spot trading at 0.9268, we can see next resistance ahead at 0.9280 (Daily High), 0.9285 (Daily Classic R1), 0.9297 (Yesterday's High),0.9321 (Daily Classic R2) and 0.9346 (Daily Classic R3). Support below can be found at 0.9260 (Daily Classic PP), 0.9259 (Monthly High), 0.9259 (Weekly High), 0.9259 (YTD High) and 0.9254 (Hourly20 EMA). Looking to candlestick patterns, we can see a Hammer formation on the 1-hour chart.