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8 Jan 2015
AUD/USD momentum turning and downside revealed
FXStreet (Guatemala) - AUD/USD is currently trading at 0.8109, having made a high 0.8132 of and a low of 0.8067 and is up 0.47% on the day so far.
AUD/USD has met strong supply on the 0.81 handle and is moving lower currently without signs of a base yet. The move from below 0.8040 has been capped before the mid way point of the 0.81 handle and momentum indicators point to the downside as the trend starts to wear thin.
Technically, there are strong support levels below here, as noted by Karen Jones, chief analyst at Commerzbank. "We have a long term double Fibonacci support at 0.7950/30. These are 3 major levels of support for the market and we would expect to see some profit taking down here. We note the 13 count on the weekly chart and the weekly RSI is down to 14. We also note the 13 count on the daily chart and the large divergence of the daily RSI and if short we would exit".
AUD/USD has met strong supply on the 0.81 handle and is moving lower currently without signs of a base yet. The move from below 0.8040 has been capped before the mid way point of the 0.81 handle and momentum indicators point to the downside as the trend starts to wear thin.
Technically, there are strong support levels below here, as noted by Karen Jones, chief analyst at Commerzbank. "We have a long term double Fibonacci support at 0.7950/30. These are 3 major levels of support for the market and we would expect to see some profit taking down here. We note the 13 count on the weekly chart and the weekly RSI is down to 14. We also note the 13 count on the daily chart and the large divergence of the daily RSI and if short we would exit".