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7 Jan 2014
AUD/USD under pressure around 0.8900
FXstreet.com (Barcelona) - AUD/USD declined overnight, slumping to a low at 0.8910, having made a high at 0.8969 and is presently trading at 0.8927.
AUD/USD remains under selling pressure
Overnight saw AUD/USD come under selling pressure following overnight trade balance data which showed an improvement in the deficit from AU$-300m expected, to AU$-118M. Import and Export data was in line with previous readings. The words of the RBA´s Stevens will still echo through the market, when she commented that he saw the Aussie dollar as overvalued and 0.85 a more appropriate level.
What are today´s key AUD/USD levels?
Hourly RSI sits at 42, with ADX at 14 and neutral. Todays central pivot point can be found offering resistance at 0.8962, and 0,8941 (S1) also flipped to provide resistance presently. Near term support below can be found at 0.8912 (S2) before 0.8891 (S3) and 0.8884 (Jan 3 Low). Traders eyes will be focused on the key 0.89 level, and especially on the weekly 100 SMA which is positioned to cross below the 200 SMA around the parity level. A downside cross with spot so close to such a pivotal range of support could indicate an accumulation of selling pressure. Nevertheless, a Piercing Line candlestick pattern can also be seen on the weekly chart, which represents a bullish signal if it occurs at a support level.
AUD/USD remains under selling pressure
Overnight saw AUD/USD come under selling pressure following overnight trade balance data which showed an improvement in the deficit from AU$-300m expected, to AU$-118M. Import and Export data was in line with previous readings. The words of the RBA´s Stevens will still echo through the market, when she commented that he saw the Aussie dollar as overvalued and 0.85 a more appropriate level.
What are today´s key AUD/USD levels?
Hourly RSI sits at 42, with ADX at 14 and neutral. Todays central pivot point can be found offering resistance at 0.8962, and 0,8941 (S1) also flipped to provide resistance presently. Near term support below can be found at 0.8912 (S2) before 0.8891 (S3) and 0.8884 (Jan 3 Low). Traders eyes will be focused on the key 0.89 level, and especially on the weekly 100 SMA which is positioned to cross below the 200 SMA around the parity level. A downside cross with spot so close to such a pivotal range of support could indicate an accumulation of selling pressure. Nevertheless, a Piercing Line candlestick pattern can also be seen on the weekly chart, which represents a bullish signal if it occurs at a support level.