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29 Jul 2014
AUD/USD positive while above 0.9330
FXStreet (Guatemala) - AUD/USD is trading at 0.9404, down -0.01% on the day, having posted a daily high at 0.9410 and low at 0.9401.
AUD/USD is trading sideways after the set backs when the pair dropped from the 0.9475 level last week. Karen Jones, chief analyst at Commerzbank noted that the intraday Elliott counts are neutral to negative and we suspect that we are now less likely to see a recovery to the 0.9505 July high and 0.9523 Fibonacci retracement. “We are unable to rule out stabs higher while above 0.9330. HOWEVER it is whippy ranging in the 0.9330 0.9505 band and we suspect ultimately will break down”. She went onto add that below 0.9330 will trigger losses to the 0.9203/0.9194 May low and 200 day ma. “We also find the 55 week ma in this vicinity at 0.9188 and the 32.8% retracement at 0.9195. These represent major break down points short term”.
AUD/USD Levels
Spot is presently trading at 0.9405, and next resistance can be seen at 0.9410 (Daily High), 0.9420 0.9460 and 0.9500. Support below can be found at 0.9401 (Low), 0.9397 (Hourly 200 SMA), 0.9395 (Daily 20 SMA), 0.9370, 0.9330 and 0.9300.
AUD/USD is trading sideways after the set backs when the pair dropped from the 0.9475 level last week. Karen Jones, chief analyst at Commerzbank noted that the intraday Elliott counts are neutral to negative and we suspect that we are now less likely to see a recovery to the 0.9505 July high and 0.9523 Fibonacci retracement. “We are unable to rule out stabs higher while above 0.9330. HOWEVER it is whippy ranging in the 0.9330 0.9505 band and we suspect ultimately will break down”. She went onto add that below 0.9330 will trigger losses to the 0.9203/0.9194 May low and 200 day ma. “We also find the 55 week ma in this vicinity at 0.9188 and the 32.8% retracement at 0.9195. These represent major break down points short term”.
AUD/USD Levels
Spot is presently trading at 0.9405, and next resistance can be seen at 0.9410 (Daily High), 0.9420 0.9460 and 0.9500. Support below can be found at 0.9401 (Low), 0.9397 (Hourly 200 SMA), 0.9395 (Daily 20 SMA), 0.9370, 0.9330 and 0.9300.