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5 Jul 2013
AUD/USD holding above 1H 20SMA around 0.9130
FXstreet.com (Barcelona) - The AUD/USD foreign exchange rate is last trading at 0.9139, off recent session lows at 0.9130, posted on the back of Shanghai index opening lower -0.6%.
AUD/USD dominant trend is still bearish
The AUD/USD has retreated from previous NY session highs around the 0.9180, “having recovered ground amid rising stocks and futures, both in Europe and the US,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “The hourly chart shows price heading above a bullish 20 SMA that offers dynamic support currently around 0.9130, while indicators lost the upward potential and turn south above their midlines. In the 4 hours chart price continues to struggles around its 20 SMA, while indicators turned flat below their midlines. With scope for further short term recoveries, the dominant trend is still bearish, with a price acceleration below 0.9090 now signaling a new leg lower for the upcoming hours.”
AUD/USD key technical levels
Immediate support to the downside for AUD/USD lies at mentioned fresh session lows 0.9130, followed by Monday's lows at 0.9106, and yesterday's lows at 0.9072. To the upside, closest resistance shows at June 24 lows 0.9147, followed by NY session highs at 0.9180, and yesterday's highs at 0.9191.
AUD/USD dominant trend is still bearish
The AUD/USD has retreated from previous NY session highs around the 0.9180, “having recovered ground amid rising stocks and futures, both in Europe and the US,” said Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “The hourly chart shows price heading above a bullish 20 SMA that offers dynamic support currently around 0.9130, while indicators lost the upward potential and turn south above their midlines. In the 4 hours chart price continues to struggles around its 20 SMA, while indicators turned flat below their midlines. With scope for further short term recoveries, the dominant trend is still bearish, with a price acceleration below 0.9090 now signaling a new leg lower for the upcoming hours.”
AUD/USD key technical levels
Immediate support to the downside for AUD/USD lies at mentioned fresh session lows 0.9130, followed by Monday's lows at 0.9106, and yesterday's lows at 0.9072. To the upside, closest resistance shows at June 24 lows 0.9147, followed by NY session highs at 0.9180, and yesterday's highs at 0.9191.