Market Cap:
$264.9B
BTC Dominance:
67.31%
btc:
$9999.19
eth:
$209.99
xrp:
$0.28
Advertise
Forex

23 Sept 2014 AUD/USD Analysis

Amandeep Sonewane | Sep. 23, 2014

AUDUSD, AUD/USD, Aussie, Aussie Dollar, Australian, RBA, Reserve Bank of Australia, AUD Aussie dollar trades below 0.89 against the greenback for the first time since March 2014

AUDUSD, AUD/USD, Aussie, Aussie Dollar, Australian, RBA, Reserve Bank of Australia, AUD AUDUSD corrects itself from the drop towards 0.884, just as the 261.8% Fibonacci Extension level is expected to be support.

AUDUSD, AUD/USD, Aussie, Aussie Dollar, Australian, RBA, Reserve Bank of Australia, AUD Stochastics is oversold while Traditional MACD still remains bearish and hints of a retracement.

Targeted stimulus seems to be working in the Aussie dollar's favour, coupled with the rise in HSBC's preliminary Purchasing Managers' Index which turned out higher than estimates, as AUD rebounds against the USD with the possibility of ending 2 weeks of bearish momentum. Technical analysis shows that Australian Dollar should test support at 0.884 with a view in mind to move higher towards resistance of 0.898. Failing 0.884, the rate could fall to 0.8743, the low of February 2014.

Trend Direction
S3
S2
S1
R1
R2
R3
Entry
Stop Loss
Exit
Bearish / near support0.8740.880.8840.89150.8970.90000.8840.8770.896

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.