Trading news

AUD/USD: negative stats from EU affect the pair

Current trend

On Thursday the pair AUD/USD has lost more than 50 points due to the negative data on Eurozone’s GDP of first quarter of 2014. Preliminary figures have reached only 0,2%, although the forecast had been much higher. Today the pair is still falling after a small correction. 

Support and resistance

The key level is the lower border of two-week trading channel (0.9409-0.9320). If this level is broken down, the pair will continue to fall down to the levels of 0.9300 and 0.9270 (Fibonacci level of 23.6%). Technical indicators confirm the Bearish trend. MACD histogram has crossed the zero line from above, forming a signal to sell. Stochastic lines are going to cross and turn down.

Support levels: 0.9320, 0.9300, 0.9270.

Resistance levels: 0.9355, 0.9380, 0.9409.

Trading tips

Short positions can be opened at 0.9320 with targets around 0.9270.

 

Dmitriy Zolotov
Analyst of LiteForex Investments Limited

Friday, 16 May, 2014 / 10:58

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

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