The pair gave an upside breakout during yesterday's session and closed above the 50-day SMA, which was a bullish factor. Today in Asia's session, it takes the support from 50-day SMA and moving towards the resistance level of 0.9334 (61.4 fib level), as of now the pair made a high at 0.9324 levels. If the pair is able to close above the 0.9334 levels, it can spike up to 0.9373 and 0.94 levels. On the down side, the pair has strong support at 0.92 and 0.916 (50 week SMA).
The trading pattern is framed between 0.93-0.9334. On the lower side, the pair has support at 0.9285, 0.9256 and 0.92 levels.
Intraday-
We favor sell side below 0.93 for 0.9275, 0.9256 and 0.9250 levels. Risky traders can trade at cmp with sl 0.9332 on a closing basis for 0.9280 and 0.9250 levels.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of AUS/USD for May 30, 2014 . Thanks for your support on Technical analysis of AUS/USD for May 30, 2014
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