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7 Jul 2014
AUD/USD now resisted at former support - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the Australian dollar corrected some higher against the greenback and explains that the pair is finding resistance now on former support in the 0.9380 price zone.
Key Quotes:
“Technical readings in the short term stand flat after breaking below the 0.9400 figure, giving little clues on upcoming moves”.
“Last week low converges with a strong static support zone around 0.9320/30 and as long as above risk to the downside remains limited”.
“Nevertheless a price acceleration below the level should signal a continuation down to 0.9260 strong midterm support”.
“If somehow price regains the 0.9400 level, the downside will be denied with chances of a retest of the 0.9460 price zone”.
Key Quotes:
“Technical readings in the short term stand flat after breaking below the 0.9400 figure, giving little clues on upcoming moves”.
“Last week low converges with a strong static support zone around 0.9320/30 and as long as above risk to the downside remains limited”.
“Nevertheless a price acceleration below the level should signal a continuation down to 0.9260 strong midterm support”.
“If somehow price regains the 0.9400 level, the downside will be denied with chances of a retest of the 0.9460 price zone”.