Forex: AUD/USD flat at Friday’s close

on Jul 22, 2013
Listen Monday July 22nd_: A bullish AUD/USD last week gained 1.34 percent to close at 0.9219. Today the pair has been trading within a 49-pip range and is at the moment holding above 0.9200 at 0.9220, just north of Friday’s closing price.

Should the bulls continue to dominate, the pair will likely head to the 0.9300 level first with 0.9330 next and which, in the event of a breakthrough, should let the price action move on to 0.9500 and then 0.9600.
Should the bearish side come to the fore, the pair would need to break the 12 July low of 0.8997 first in order to continue the downslope from April.
The RSI (14) oscillator on the weekly chart has been moving just above the 30-mark, coming out of the oversold zone and suggesting the quote may soon rise further.
Resistance levels: 0.9235, 0.9260 and 0.9290.
Support levels: 0.9185, 0.9140 and 0.9110.


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