Back
2 Jan 2015
AUD/USD sorcery at play?
FXStreet (London) - AUD/USD welcomes 2015 on the slight defence, with spot down -0.04% at 0.8176 at the time of writing.
With Japan and China closed for holidays, Australia remains open, with the aussie weighed slightly by the ASX 200 which is currently down 0.25% on the day.
Looking to a daily AUD/USD chart, a rounded bottom or saucer formation could be considered by technicians. As per theory, spot has experienced a significant decline, following a ranging period, and looks to have made a curved bottom. However, these are often longer term formations, but still worthy of observation nonetheless.
Currently spot is supported by the daily 5 SMA at 0.8143, and is presently testing the resistance offered by the daily 20 SMA at 0.8176. Daily RSI has also recently climbed out of a long ranging period in oversold territory.
AUD/USD Levels
Ahead, resistance looks likely between 0.8200-0.8216 and 0.8235 (17 Dec 14 high). Below, support may be found at 0.8163 (29 Dec 14 high), 0.8122 (29Dec 14 low) and 0.8100.
With Japan and China closed for holidays, Australia remains open, with the aussie weighed slightly by the ASX 200 which is currently down 0.25% on the day.
Looking to a daily AUD/USD chart, a rounded bottom or saucer formation could be considered by technicians. As per theory, spot has experienced a significant decline, following a ranging period, and looks to have made a curved bottom. However, these are often longer term formations, but still worthy of observation nonetheless.
Currently spot is supported by the daily 5 SMA at 0.8143, and is presently testing the resistance offered by the daily 20 SMA at 0.8176. Daily RSI has also recently climbed out of a long ranging period in oversold territory.
AUD/USD Levels
Ahead, resistance looks likely between 0.8200-0.8216 and 0.8235 (17 Dec 14 high). Below, support may be found at 0.8163 (29 Dec 14 high), 0.8122 (29Dec 14 low) and 0.8100.