5 Sep 2013
AUD/USD succumbs to bears; still around 15-day peaks
FXstreet.com (Chicago) - AUD/USD continues giving in the afternoon of the American trading session. The pair seems to exhaust a bullish upswing that started last August 30th and sent the pair above 0.9190 zone.
Bulls vs. Bears…who gives in?
Earlier in Asia, the Aussie rallied against the greenback, respecting an upward trendline with 0.9190 daily peaks. Nonetheless, as the journey advanced and Australia GDP data faded in the memory of market participants, the Aussie weakened until getting smashed, and consequently violating a bullish trendline, by the greenback on better-than-expected US data with a declining number of initial jobless claims in the country. As stated earlier today by FXstreet.com, the bulls and bears battle is intense with undefined and known unknowns approaching (Fed’s tapering, US military strike against Syria, Australian federal election results), but the bears seem to be taking steps forward as revealed by price action.
AUD/USD Technical Levels
Price action reveals the intersection of two key moving averages (EMA20 and SMA200) around 0.9120 is performance levels are maintained. The pair has retraced 23.6% (Fibonacci level) from earlier peaks after formidable rise from August 30th lows below 0.89 zone. At 0.9118, the pair navigates between supports at 0.9091 (August 14th lows) ahead of 0.9048 (August 22nd highs) and 0.9048 (August 22nd highs) and resistances at 0.9133 (August 20th highs) ahead of 0.9188 (August 15th highs) and followed by 0.9233 (August 19th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and is offered below the EMA20.
Bulls vs. Bears…who gives in?
Earlier in Asia, the Aussie rallied against the greenback, respecting an upward trendline with 0.9190 daily peaks. Nonetheless, as the journey advanced and Australia GDP data faded in the memory of market participants, the Aussie weakened until getting smashed, and consequently violating a bullish trendline, by the greenback on better-than-expected US data with a declining number of initial jobless claims in the country. As stated earlier today by FXstreet.com, the bulls and bears battle is intense with undefined and known unknowns approaching (Fed’s tapering, US military strike against Syria, Australian federal election results), but the bears seem to be taking steps forward as revealed by price action.
AUD/USD Technical Levels
Price action reveals the intersection of two key moving averages (EMA20 and SMA200) around 0.9120 is performance levels are maintained. The pair has retraced 23.6% (Fibonacci level) from earlier peaks after formidable rise from August 30th lows below 0.89 zone. At 0.9118, the pair navigates between supports at 0.9091 (August 14th lows) ahead of 0.9048 (August 22nd highs) and 0.9048 (August 22nd highs) and resistances at 0.9133 (August 20th highs) ahead of 0.9188 (August 15th highs) and followed by 0.9233 (August 19th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and is offered below the EMA20.