21 Jan 2014
AUD/USD finds resistance below 0.8830 early in Asia
FXstreet.com (Córdoba) - The AUD/USD rose a few minutes ago to 0.8822, reaching a 2-day high but it bounced to the downside afterwards and currently is hovering around at 0.8800. Stocks in Australia are slightly lower while in Japan, futures point to a opening with marginal gains.
AUD/USD technical outlook
In the last hours the pair has remain steady moving between 0.8820 and 0.8790. Jim Langlands from FX Charts notes that to the upside “the first minor Fibo resistance is at 0.8837 (23.6% of 0.9085/0.8756) and if we can get above this, then I suspect we might be in for a bit of a squeeze, potentially up to 0.8885 (38.2%).”
On the downside outlook, Langlands affirms that 0.8750/60 will be a strong support, ahead of 0.8730, which is the base of a long term channel.
AUD/USD technical outlook
In the last hours the pair has remain steady moving between 0.8820 and 0.8790. Jim Langlands from FX Charts notes that to the upside “the first minor Fibo resistance is at 0.8837 (23.6% of 0.9085/0.8756) and if we can get above this, then I suspect we might be in for a bit of a squeeze, potentially up to 0.8885 (38.2%).”
On the downside outlook, Langlands affirms that 0.8750/60 will be a strong support, ahead of 0.8730, which is the base of a long term channel.