Trading news

AUD/USD: analysis and forecast

Current trend

Almost for the whole week the pair AUD/USD was in the downtrend. The price had failed to consolidate above the level of 0.9360 and fell to 0.9206. Experts believe that the Reserve Bank of Australia will not raise interest rate until the second half of 2015 and the pair has all grounds for the fall up to the level of   0.9000.

Support and resistance

Technical indicators show the rise in the pair. MACD is in the oversold zone, giving a buy signal. The signal line is rising and leaving the limits of the histogram, its volumes are decreasing. Stochastic is in the overbought zone, indicating the purchase. 

Resistance levels are 0.9240, 09265 and 0.9300. Support levels: 0.9220 and 0.9200. In case of breakdown of the level of 0.9200, the pair will go down to the level of 0.9150.

Trading tips

The pair may undergo a new wave of correction and will also try to breakdown the level of 0.9265.  Long positions can be opened above the level of 0.9275. Sell positions can be opened after breakdown of the level of 0.9200.

 

Dmitry Likhachev
Analyst of LiteForex Investments Limited 

Friday, 23 May, 2014 / 11:13

Source : http://www.liteforex.com/

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