Forex: AUD/USD may continue either way

on Aug 13, 2013
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_iNVEZZ.com August Tuesday 13th_: The daily candle yesterday opened at 0.9175, reached a high at 0.9220 and subsequently dropped to hit a low at 0.9110. The candle closed at 0.9111 with the AUD/USD losing 0.64 percent. The top of the day has been the highest point since 30 July. The 0.9133 support level held for several hours, but around 22.00 BST was breached to the downside.

Since the beginning of the Asian session today, the price has been rising and at the moment is trading at 0.9131. The trading range so far is from the 0.9099 intraday low to 0.9147 intraday high. So far today the ascending 89-hour simple moving average has been supporting the uptick and has been hindering the price from going under this trend indicator, which is currently staying at 0.9126.

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For the past eight hours the descending 200-period simple moving average on the 4H chart has been providing support also.
Further upwards the strong resistance zone of 0.9285-0.9343 stays intact, which may be tested in order to provide a better entry point for shorts. However, in the event of a breakthrough the price would be targeting the 38.2 percent Fibo retracement of 1.0581 to 0.8846 at 0.9507.
If yesterday’s fall is a sign of resuming the strong downtrend, in which the pair has been residing since 11 April, the price would be targeting the 0.9000 psychological support next.
Resistance levels: 0.9140, 0.9180 and 0.9220.
Support levels: 0.9100, 0.9075 and 0.9040.
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AUD Forex