Investing.com - Financial Markets Worldwide
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

AUD/USD: Constructive Gains

ByIan Copsey
Published 02/14/2014, 12:11 AM
Updated 07/09/2023, 06:31 AM
AUD/USD
-

BIAS: We should now see gains through 0.9010 and 0.9021-29 to reach the 0.9080-01 area before lower.

Resistance: 0.9010 0.9021-29 0.9046 0.9066
Support: 0.8983 0.8968 0.8948 0.8927

MAIN ANALYSIS: The 0.8921-37 support held perfectly and we are seeing constructive gains. These should extend to 0.9010 initially but while the 0.8995-05 area supports the next rally should move to the 0.9021-29 area. Even this is unlikely to see much of a correction - maybe 10-20 points - before the rally extends back to the 0.9066 high and with the final target being in the 0.9080-01 area. From 0.9066 and above watch for bearish reversal indications.

COUNTER ANALYSIS: Only below 0.8965 would suggest losses back to 0.8927, and then below 0.8906 would confirm the entire recovery from 0.8659 is complete and suggest stronger losses - initially to the 0.8820-25 support.

MEDIUM TERM ANALYSIS:

13th February: Well, this morning's collapse has taken away the need for me to say the top was seen at 0.8966 and that we should see a correction lower. However, I still feel we should see another leg higher to the 0.9085-01 area (approx) before a move back lower. Only directly below 0.8906 would break the structure and imply direct losses.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.