8 Jan 2014
AUD/USD a continuation pattern?
FXstreet.com (Guatemala) - AUD/USD has been subject to the US data throughout the day, with the dollar firmer the pair has tested the downside but stalled on the 0.89 handle.
FOMC minutes were not holding any surprises while the ADP jobs report was the main event that fuelled the greenback. Up later we have Australian Retail Sales and Building Permits. From a technical stand point, the analysts at Commerzbank said the pair will need to break and preferably close below the 0.8822 mid December low to confirm a continuation pattern. “Below 0.8822 will target the base of the 2 year down channel at 0.8717 and our longer term targets are found at 0.8550 en route to 0.8068”.
AUD/USD Levels
The 20 DMA is 0.8922, the 50 DMA is 0.9134 and the 200 DMA is 0.9425. RSI (14) reads 46.45. Supports are 0.8770, 0.8820, 0.8830, 0.8886. Spot is currently 0.8912 while key resistances are 0.8983, 0.9005, 0.9047 and 0.9083.
FOMC minutes were not holding any surprises while the ADP jobs report was the main event that fuelled the greenback. Up later we have Australian Retail Sales and Building Permits. From a technical stand point, the analysts at Commerzbank said the pair will need to break and preferably close below the 0.8822 mid December low to confirm a continuation pattern. “Below 0.8822 will target the base of the 2 year down channel at 0.8717 and our longer term targets are found at 0.8550 en route to 0.8068”.
AUD/USD Levels
The 20 DMA is 0.8922, the 50 DMA is 0.9134 and the 200 DMA is 0.9425. RSI (14) reads 46.45. Supports are 0.8770, 0.8820, 0.8830, 0.8886. Spot is currently 0.8912 while key resistances are 0.8983, 0.9005, 0.9047 and 0.9083.