14 May 2014
AUD/USD bulls aim at 0.9400 resistance
FXStreet (Moscow) - AUD/USD rocketed to 0.9396 in Tokyo after opening at 0.9354
Feeble attempts to grow
AUD/USD oscillated within 50-pips range on Tuesday and finished the day marginally lower at 0.9354. The pair edged higher during Asian hours and showed little reaction to Australian budget published earlier. Today the Aussie will be technically driven. Offers on approach to 0.9400 are likely to limit the intraday upside, though if the bulls manage to go through this area, the stops located above will be triggers. which will extend the upside to 0.9420. The downside correction is likely to be limited by 0.9320 and 0.9300.
What price levels and patterns have to be considered?
Current price is 0.9397, with resistance ahead at 0.9400 (Daily High), 0.9410 (Daily Classic R2), 0.9422 (Weekly Classic R1), 0.9424 (Monthly High) and 0.9424 (YTD High).
Next support to the downside can be found at 0.9385 (Daily Classic R1), 0.9385 (Yesterday's High), 0.9375 (Weekly High), 0.9365 (Hourly 20 EMA) and 0.9364 (Hourly 100 SMA).
Regarding candlestick formations, we can see Doji formation on the 4-hour .
Feeble attempts to grow
AUD/USD oscillated within 50-pips range on Tuesday and finished the day marginally lower at 0.9354. The pair edged higher during Asian hours and showed little reaction to Australian budget published earlier. Today the Aussie will be technically driven. Offers on approach to 0.9400 are likely to limit the intraday upside, though if the bulls manage to go through this area, the stops located above will be triggers. which will extend the upside to 0.9420. The downside correction is likely to be limited by 0.9320 and 0.9300.
What price levels and patterns have to be considered?
Current price is 0.9397, with resistance ahead at 0.9400 (Daily High), 0.9410 (Daily Classic R2), 0.9422 (Weekly Classic R1), 0.9424 (Monthly High) and 0.9424 (YTD High).
Next support to the downside can be found at 0.9385 (Daily Classic R1), 0.9385 (Yesterday's High), 0.9375 (Weekly High), 0.9365 (Hourly 20 EMA) and 0.9364 (Hourly 100 SMA).
Regarding candlestick formations, we can see Doji formation on the 4-hour .