AUD/USD: daily update
Yesterday AUD/USD finished the choppy day in red and didn’t manage to reach $0.9300. The general downtrend seems really strong. Today the pair has tested support in the $1.9140 area (38.2% Fibo of the advance from 2008 to 2011), but managed to get to $0.9175. We see a bullish hammer candle on the H4 chart. It’s clear that $0.9140 is the key level for now and will define the short-term future on the pair. On the upside, negative pressure will ease a bit above $0.9190.
Resistance lies at $0.9190, $0.9250, $0.9305, $0.9325 and $0.9400. Support is at $0.9140, $0.9100, $0.9037 and $0.9000.
NAB: “Short-term tactical issues, such as positioning, and market volatility may provide temporary moves higher in the AUD, however, we view these as periods to enter short AUD positions at a more attractive rate, rather than presaging a more sustained AUD recovery. Against the USD, there appears to be some resistance at $0.9350, which is our stop. We are presently targeting $0.8800 from an entry level of $0.9210.”
Chart. H4 AUD/USD