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20 Sep 2013
AUD/USD forges higher lows; remains capped at 0.9450
FXstreet.com (Chicago) - AUD/USD remains trading around the 0.9440 zone printing a small retracement from 0.9452 highs on greenback’s pressure after remarkable recovery journey.
Will assumptions be confirmed?
No official Australian data due today with Chinese equity markets closed on holidays fuels assumptions of little action for the last day of FX trading action. An apparently Fed-driven rally triggered on FOMC economic projections – still weak US economy and Fed’s no-tapering decision – deflated market participants bullishness as US equities closed with losses: Dow down 0.26%, Nasdaq up 0.15% and S&P500 down 0.18%. At the moment, the Australian ASX All- ordinaries index trades down 0.26%.
AUD/USD Technical Levels
Price action reveals higher lows with an upward trendline respected despite last night’s plunge from 0.95 zone. The pair trades stalled at 0.9444, below the EMA20 and 23.6% Fibonacci retracement (with bottoms parameter originating last August 30th). Offered at 0.9446, the pair oscillates between supports aligned at 0.9431 (June 18th lows), 0.9391 (September 16th highs) ahead of 0.9356 (September 11th highs) and resistances set at 0.9478 (June 10th highs), 0.9528 (September 18th highs) followed by 0.9558 (June 17th highs). Reported as strongly bearish on one-hour timeframe by the FXstreet.com trend index, short-term price action matches primary and secondary trends rhythms.
Will assumptions be confirmed?
No official Australian data due today with Chinese equity markets closed on holidays fuels assumptions of little action for the last day of FX trading action. An apparently Fed-driven rally triggered on FOMC economic projections – still weak US economy and Fed’s no-tapering decision – deflated market participants bullishness as US equities closed with losses: Dow down 0.26%, Nasdaq up 0.15% and S&P500 down 0.18%. At the moment, the Australian ASX All- ordinaries index trades down 0.26%.
AUD/USD Technical Levels
Price action reveals higher lows with an upward trendline respected despite last night’s plunge from 0.95 zone. The pair trades stalled at 0.9444, below the EMA20 and 23.6% Fibonacci retracement (with bottoms parameter originating last August 30th). Offered at 0.9446, the pair oscillates between supports aligned at 0.9431 (June 18th lows), 0.9391 (September 16th highs) ahead of 0.9356 (September 11th highs) and resistances set at 0.9478 (June 10th highs), 0.9528 (September 18th highs) followed by 0.9558 (June 17th highs). Reported as strongly bearish on one-hour timeframe by the FXstreet.com trend index, short-term price action matches primary and secondary trends rhythms.