21 Nov 2013
AUD/USD, +110 pips down at 5-month lows
FXstreet.com (Chicago) - AUD/USD continues under high bearish pressure and accumulates over 110 pips lost so far today for a total weekly loss of 151 ahead of Wall Street’s closing.
RBA, Fed
Valeria Bednarik, Chief Analyst at FXstreet.com, analyses that “RBA Governor Glenn Stevens put Aussie under strong selling pressure past Asian session, after he said that he remains “open-minded” on currency intervention, although may not be fully confident on the effectiveness of the movement.” She adds “The bearish momentum in the pair has pushed the pair below a key midterm support, the 0.9260 area, also neckline of a H&S figure clear in the daily chart. The height of the figure is of about 500 pips, meaning the potential target of the figure comes at 0.8760. In the mentioned time frame, indicators retrace from their midlines, while 20 SMA presents a nice bearish slope and capped attempts of recovery early this week, supporting the bearish tone in the pair.” In the US, job market results were better than expected and Fed’s Lockhart stated tapering may be happening between December and March.
AUD/USD Technical Levels
Price action reveals the pair extends the steep bearish channel that started three days ago with the continuous strengthening of the dollar. Around 5-week lows, the pair struggles to find grounds succumbing to 0.9198 session lows. Offered at 0.9226, the pair oscillates between the supports aligned at 0.9191 (September 3rd highs), 0.9122 (September 6th lows) ahead of 0.9077 (August 25th highs) and the resistances set at 0.9247 (September 13th highs), 0.9285 (November 14th lows) followed by 0.9333 (October 2nd lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and oscillates below the EMA20.
RBA, Fed
Valeria Bednarik, Chief Analyst at FXstreet.com, analyses that “RBA Governor Glenn Stevens put Aussie under strong selling pressure past Asian session, after he said that he remains “open-minded” on currency intervention, although may not be fully confident on the effectiveness of the movement.” She adds “The bearish momentum in the pair has pushed the pair below a key midterm support, the 0.9260 area, also neckline of a H&S figure clear in the daily chart. The height of the figure is of about 500 pips, meaning the potential target of the figure comes at 0.8760. In the mentioned time frame, indicators retrace from their midlines, while 20 SMA presents a nice bearish slope and capped attempts of recovery early this week, supporting the bearish tone in the pair.” In the US, job market results were better than expected and Fed’s Lockhart stated tapering may be happening between December and March.
AUD/USD Technical Levels
Price action reveals the pair extends the steep bearish channel that started three days ago with the continuous strengthening of the dollar. Around 5-week lows, the pair struggles to find grounds succumbing to 0.9198 session lows. Offered at 0.9226, the pair oscillates between the supports aligned at 0.9191 (September 3rd highs), 0.9122 (September 6th lows) ahead of 0.9077 (August 25th highs) and the resistances set at 0.9247 (September 13th highs), 0.9285 (November 14th lows) followed by 0.9333 (October 2nd lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and oscillates below the EMA20.