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Australian Dollar Under Pressure

By  |  Forex  |  Mar 31, 2014 07:09AM GMT  |   Add a Comment
Australian Dollar Under Pressure
By   |  Mar 31, 2014 07:09AM GMT

The Aussie is a little under pressure, headed back below .9235. However, we do have a support area at .9222/10 and we will look to this support today to see if we can maintain gains. Failure of the AUD/USD to hold over .9200 leaves us looking a little weaker with .9170 looking to be the first objective. We are looking to cover shorts in this area and reinstate longs. We're keeping stops on longs below .9135.

Short term we are looking a little oversold on the charts so we may well hold this .9200 support which should then provoke a move higher toward the break point of .9235. If we can break and hold above here it would give a little bit more confidence to the market and we could well see buyers back in at these levels, looking to drive the market higher for .9297/9300 once more. At this point, we'd cover all longs.

We are only going back into a long position if we can make a break above .9300. A break above here sees the market come higher and we would then be in quite a good position to trade higher for .9345/50. The 4-hour charts have a little bullish flag on them with the base at .9204 today, so bear this in mind. This time frame chart is also entering oversold territory, thus this may well give the Aussie a lift.

Australian Dollar Technicals
Australian Dollar Technicals

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