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AUD/USD Slides Below $1.0500

Published 12/10/2012, 05:24 AM
Updated 04/10/2024, 06:10 AM
AUD/USD
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AUD/USD slid to $1.0480 after low domestic home-loan approvals and negative Chinese trade data.

Last Thursday the pair has tested a two-month high at $1.0515, but failed to fix there. Offers clustered around $1.0500/15 remain a hurdle for bulls: on Friday investors demonstrated indecisiveness.

<span class=AUD/USD" title="AUD/USD" width="649" height="364">
We expect the pair to continue the uptrend. On the weekly chart one may see a bullish engulfing pattern – a positive sign. On the hourly chart the pair is forming a triangle pattern - a break above the upper boundary would open the way towards $1.0560 (2011 and 2012 maximums). Below the lower boundary of the triangle we expect a correction to $1.0440/00. Strong support is seen at $1.0400/$1.0390.

Resistance: $1.0500, $1.0515, $1.0560
Support: $1.0465, $1.0440, $1.0390 (100-day MA, daily Ichimoku)

Watch the US Fed meeting results on Wednesday. Regulators may announce policy easing and weaken the greenback.

Latest comments

hi can see there is bearish divergence in 4hr TF, so its likely to fell,right?
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