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AUD/USD Outlook: Pair Enters Near-Term Consolidative Phase

ByFinFX
Published 11/26/2013, 04:51 AM
Updated 02/21/2017, 08:25 AM

AUD/USD

The pair enters near-term consolidative phase after posting fresh low at 0.9119, with initial 0.9200 resistance capping the upside for now. Improved hourly structure sees scope for further recovery, with additional support given from 4-hour indicators that emerge from oversold zone. Extension above 0.9200 opens 0.9244, Fibonacci 38.2% of 0.9446/0.9119, ahead of strong 0.9270/80 zone, previous lower platform and 50% retracement, where rallies should be limited. Only sustained break above 0.9300 barrier would sideline immediate bears.

Overall bears, however, remain in play and are expected to resume larger downmove once corrective phase is completed, with 0.9100 seen as immediate support, ahead of key short-term support and breakpoint at 0.8891, 30/08 low.

Resistance: 0.9200; 0.9248; 0.9270; 0.9300

Support: 0.9177; 0.9141; 0.9119; 0.9095

<span class=AUD/USD Hour Chart" title="AUD/USD Hour Chart" height="400" width="800">

Latest comments

if somehow i can grab 200 pips then I promised myself not to let myself be impatient and play big.. will work on my strategy and patience... would be great if you can share your wisdom if I am able to save remaining $400
Hey Auszero.. I saw your comments and seem like you know AUD/USD in and out :) . I am in big trouble right now bro... I have opened a Standard lot and right now down by almost $300.. yesterday lost $1000 on GBP/AUD.. any idea if AUD is going to save this time and come down a lot?
'Improved hourly structure sees scope for further recovery' . LOL
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