Forex: AUD/USD trading around 0.9150

on Aug 12, 2013
Listen August Monday 12th_: The previous week’s candle opened at 0.8903, reached bottom at 0.8846 (153-week low), and subsequently reached a high at 0.9213 and finally closed at 0.9175. The AUD/USD grew by 2.72 percent.

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The Asian session today logged a rise to an intraday top of 0.9220, which is the highest point for the past 11 days. Since that point the pair has been in a descent. The price reached an intraday low at 0.9133 about an hour ago and is currently trading at 0.9152. Since early European trading the pair has been orbiting around the 0.9150 level, which is bringing a short term consolidation.

The 89- and 200-period simple moving averages are floating below the price action on the 1H and 4H timeframes, supporting the short term bullish sentiment. However, these trend indicators are still above the price levels on the daily chart, suggesting that the downtrend from the 1.0581 high from 11 April may not yet be finished.
The RSI (14) today came out from the overbought zone on the 4H scale, above the 70-line. This is a bearish sign and a near term top may be established and the price may drop.
However, if the price continues the ascent of the past week, the pair would be targeting the strong resistance area around the 1.9300 level.
Resistance levels: 0.9220, 0.9260 and 0.9295.
Support levels: 0.9170, 0.9130 and 0.9090.


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AUD Forex