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3 Jul 2014
AUD/USD bears have reached the immediate goal and stopped
FXStreet (Moscow) - AUD/USD seems to have paused at mid-0.9370 levels after a head spinning dip earlier in Asia
Stevens did his part
AUD/USD dropped below the key support of 0.9400 after the Australian central bank governor said that the currency was overvalued.Though it seems that traders are in no hurry to push the Aussie much lower before the key risk event of the week - the US Non-Farm Payrolls. If the ADP data is any guide, than we may have another strong report. In this case Aussie bears will get a chance to get the upper hand. The nearest meaningful support is seen at 0.8350 where strong demand is spotted. If it is broken, the downside will extend to 0.8330.
What price levels and patterns have to be considered?
Spot is presently trading at 0.9376, and next resistance can be seen at 0.9385 (Daily Classic S2), 0.9397 (Daily 20 SMA), 0.9408 (Weekly Classic PP), 0.9414 (Daily Classic S1) and 0.9414 (Weekly Low).
Next support to the downside can be found at 0.9371 (Daily Low), 0.9370 (Weekly Classic S1), 0.9342 (Daily Classic S3), 0.9315 (Weekly Classic S2) and 0.9277 (Weekly Classic S3).
Regarding candlestick formations, we can see Doji formation on the 4-hour .
Stevens did his part
AUD/USD dropped below the key support of 0.9400 after the Australian central bank governor said that the currency was overvalued.Though it seems that traders are in no hurry to push the Aussie much lower before the key risk event of the week - the US Non-Farm Payrolls. If the ADP data is any guide, than we may have another strong report. In this case Aussie bears will get a chance to get the upper hand. The nearest meaningful support is seen at 0.8350 where strong demand is spotted. If it is broken, the downside will extend to 0.8330.
What price levels and patterns have to be considered?
Spot is presently trading at 0.9376, and next resistance can be seen at 0.9385 (Daily Classic S2), 0.9397 (Daily 20 SMA), 0.9408 (Weekly Classic PP), 0.9414 (Daily Classic S1) and 0.9414 (Weekly Low).
Next support to the downside can be found at 0.9371 (Daily Low), 0.9370 (Weekly Classic S1), 0.9342 (Daily Classic S3), 0.9315 (Weekly Classic S2) and 0.9277 (Weekly Classic S3).
Regarding candlestick formations, we can see Doji formation on the 4-hour .