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21 May 2014
AUD/USD looks set to test 0.9203 - SocGen
FXStreet (Bali) - According to Stephanie Aymes and Kusal Kansara, Coordinator Technical Analysts and Technical Analyst, respectively, at Societe Generale, the sharp fall in AUD/USD this week suggest the rate is poised to test 0.9203.
Key Quotes
AUD/USD is breaking below the lower limit of an up sloping channel drawn from January lows. Recently the pair has retraced from the resistance level of 0.9450/95 which happens to be the 76.4% retracement from October 2013 highs.
If we drop down to hourly chart, the pair has confirmed a head and shoulder pattern pointing towards a short term correction. With daily RSI breaking below the graphical support at 50% level, the pair is poised to drift lower towards the confluence of lows formed earlier this month and those of April at 0.9203.
AUD/USD has formed a hammer at the lower limit of the channel drawn from Jan. lows at 0.9203. With daily RSI breaking below the 50% mark, a break below 0.9203 will trigger further correction towards 0.9090/60. On the upside, 0.9450/0.95 remains a stiff resistance. For the day, immediate resistance for the pair is seen at 0.9450/65
Key Quotes
AUD/USD is breaking below the lower limit of an up sloping channel drawn from January lows. Recently the pair has retraced from the resistance level of 0.9450/95 which happens to be the 76.4% retracement from October 2013 highs.
If we drop down to hourly chart, the pair has confirmed a head and shoulder pattern pointing towards a short term correction. With daily RSI breaking below the graphical support at 50% level, the pair is poised to drift lower towards the confluence of lows formed earlier this month and those of April at 0.9203.
AUD/USD has formed a hammer at the lower limit of the channel drawn from Jan. lows at 0.9203. With daily RSI breaking below the 50% mark, a break below 0.9203 will trigger further correction towards 0.9090/60. On the upside, 0.9450/0.95 remains a stiff resistance. For the day, immediate resistance for the pair is seen at 0.9450/65