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AUD/USD – Technical Outlook
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Recent upbeat Chinese economic data coupled with diminishing geopolitical worries over Syria has been driving the Australian Dollar (AUD) higher against
- Recent upbeat Chinese economic data coupled with diminishing geopolitical worries over Syria has been driving the Australian Dollar (AUD) higher against its US counterpart (USD) and as it was stated in our report dated Aug. 30,
- AUDUSD currency pair, on Tuesday, rose to 0.9318, its highest level since late June. In doing so, the pair moved above the 100-day SMA for the first time after mid-April.
- With no major US economic data scheduled for release, the pair on Wednesday, after its initial drop below 0.9300 level to 0.9278, is holding steady above the 0.9300 mark and is currently traded at 0.9305.
- From current levels, a decisive strength above 0.9300 – 0.9310 resistance zone could lead further appreciation for the currency pair immediately towards 0.9400 horizontal resistance zone.
- Should the pair manage to break through 0.9400 resistance zone, the pair is likely to continue the rally initially towards 0.9480 and then towards 0.9600 area in the near-future.
- On the downside, 0.9250 zone, marked by 100-day SMA and 23.6% Fibonacci Retracement Level of 1.0582 – 0.8845 downfall, seems to provide immediate support for the currency pair. Should the pair fail to hold the immediate support near 0.9250, it is likely to slip further initially towards the next horizontal support zone near 0.9180.
- Further, weakness below 0.9180 horizontal support could then drag the currency pair towards the 50-day SMA support, currently near 0.9100 zone.
- Original Article: Admiral Markets and hyper link Admiral Markets with http://www.admiralmarkets.com/
About the Author
Haresh Menghaniauthor
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