The pair almost erased its gains from the 0.92 low. Today the pair made a low at 0.9216 levels. In yesterday's trading session the pair broke the short-term moving averages (50SMA & 200EMA) and closed below these levels. It raises a bearish concern in the short term. The nearest support level exists at 0.92, a break below this will extend the fall to 0.9144 and 0.8984 levels. Until the pair crosses the moving averages the bearish flags will hoist. In any case, if the pair crosses 0.927, it will pull back to 0.9334. Yesterday's high was very crucial in the short term.
For intraday perspective, in Asia's trading session the pair is trading at 0.9232. The hourly momentum oscillators are at oversold levels. We expect the downtrend will pause by technical indicators, as well as wait for a pullback from the oversold levels to 0.9242 and 0.927 levels. Safe traders, buy the pair only above 0.9243 for 0.9272, 0.9281 and 0.929 levels.
Recommendation- cmp 0.9232.
Safe traders- Buy above 0.9243.
Risky traders- buy with sl 0.92.
Sell below 0.9195 for targets at 0.9154 and 0.9145.
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 May 21, 2014 . Thanks for your support on Technical analysis of AUS/USD for May 21, 2014
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