Australian dollar is slightly lower on Tuesday's trading session. Traders' eyes are on employment change data. Employers in Australia have probably added 15,300 new jobs in February. The AUD/USD pair remains in an uptrend from 0.8890, the fall from 0.9133 is likely correction of the uptrend. Support is at 0.8925, as long as this level holds, the uptrend could be expected to resume, and the next the target would be at 0.9220, 0.9250 and 0.9306 levels. On the downside, a breakdown below 0.9000 and 0.8925 on a daily basis will indicate that lengthier consolidation of the long term uptrend from 0.8660 (Jan 24 low) is underway, then the pair will find support around 0.8890 March 03 low.
In the hourly chart, the RSI is giving a buy signal, expecting pullback from the lower level. The pair is trading below the moving averages in the hourly chart. It will gain more strength only above the level 0.9010 towards 0.9021, 0.9050, 0.9072 on intraday basis. But in the H4 and daily chart, the RSI is giving sell signals. In the daily chart, the RSI has given an early warning signal of a breakdown; however, it is not confirmed yet. On the daily basis, if the pair doesn't cross the level 0.9055, the downside target 0.8810 will be still open.
INTRADAY- above 0.8978 pull back expected
S1 0.8961 R1 0.8978
S2 0.8936 R2 0.9010
S3 0.8890 R3 0.9022
POSITIONAL-
S1 0.8925 R1 0.8982
S2 0.8873 R2 0.9050
S3 0.8693 R3 0.9133
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of AUS/USD for March 12, 2014 . Thanks for your support on Technical analysis of AUS/USD for March 12, 2014
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