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12 Mar 2014
AUD/USD struggling on China
FXStreet (Guatemala) - AUD/USD has been hit on the back of further negativity around China as the Australian economy plays host to its biggest trading partner. Ivan Delgado is the Head of Asian Editors and he explained that in an interesting article that can be visited here.
Meanwhile, Karen Jones, chief analyst at Commerzbank noted that the AUD/USD was seen coming off last week’s high at 0.9132 which was made not far below the 200 day moving average and the 2013-2014 resistance line at 0.9165/69. “The area around the 0.9004 3rd of January high should soon be revisited”, and she continued to suggest that it is possible that what we are seeing an inverse head and shoulders pattern which will offer a target of 0.9500, but said as patterns do not outweigh downtrends, they look for a move to the long term resistance line only for now.
AUD/USD Levels
The 20 DMA is 0.9004, the 50 DMA is 0.8923 and the 200 DMA is 0.9163. RSI (14) reads 54.62. Supports are ascending from 0.8909 and 0.8933. Spot is 0.8973 while resistances are 0.9033, 0.9107, 0.9135, 0.9169 and 0.9204.
Meanwhile, Karen Jones, chief analyst at Commerzbank noted that the AUD/USD was seen coming off last week’s high at 0.9132 which was made not far below the 200 day moving average and the 2013-2014 resistance line at 0.9165/69. “The area around the 0.9004 3rd of January high should soon be revisited”, and she continued to suggest that it is possible that what we are seeing an inverse head and shoulders pattern which will offer a target of 0.9500, but said as patterns do not outweigh downtrends, they look for a move to the long term resistance line only for now.
AUD/USD Levels
The 20 DMA is 0.9004, the 50 DMA is 0.8923 and the 200 DMA is 0.9163. RSI (14) reads 54.62. Supports are ascending from 0.8909 and 0.8933. Spot is 0.8973 while resistances are 0.9033, 0.9107, 0.9135, 0.9169 and 0.9204.