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17 Apr 2013
Forex: AUD/USD struggling below 1.0400
FXstreet.com (Barcelona) - One hour away from Westpac Leading Index at 00:30 GMT, AUD/USD is last at 1.0391, still capped below the 1.04 handle, as it has been for all NY session long. The Australian dollar is along with Kiwi, the 2 weakest currencies among majors for last 2 trading days, recovering from yesterday's fresh 1-month lows at 1.0290. The pair is down -1.12% for the week so far.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart shows indicators heading higher in positive territory, and price steady above a bullish 20 SMA,” the analyst notes, adding: “In the 4 hours chart however indicators barely corrected extreme oversold readings, while 20 SMA heads strongly south around 1.0440 offering strong resistance in case of advances. While the downside continues to be seen limited and buyers are still reported around 1.0300, the road higher seems a bit tougher now, and further technical confirmations are required to support a bullish recovery,” she concludes.
Valeria finds support levels at: 1.0330, 1.0290 and 1.0260, while resistance levels at: 1.0410, 1.0440 and 1.0490.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “the hourly chart shows indicators heading higher in positive territory, and price steady above a bullish 20 SMA,” the analyst notes, adding: “In the 4 hours chart however indicators barely corrected extreme oversold readings, while 20 SMA heads strongly south around 1.0440 offering strong resistance in case of advances. While the downside continues to be seen limited and buyers are still reported around 1.0300, the road higher seems a bit tougher now, and further technical confirmations are required to support a bullish recovery,” she concludes.
Valeria finds support levels at: 1.0330, 1.0290 and 1.0260, while resistance levels at: 1.0410, 1.0440 and 1.0490.