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27 Nov 2013
AUD/USD down +100 pips
FXstreet.com (Chicago) - AUD/USD succumbs to bearish pressure and remains trading around session lows after managing to bounce off slightly from 3-month bottoms at 0.9065 on better than expected job market data in the US.
AUD/USD Technical Levels
Price action reveals the break of a H&S pattern neckline after the extension of the bearish channel that started last October 22nd and goes on for over a month now. Down over 100 pips this week, the pair prints most of its losses today for a 0.58% retracement ahead of Wall Street’s closing. Offered at 0.9073, the pair navigates between the supports aligned at 0.9060 (July 8th highs), 0.9031 (September 4th lows) ahead of 0.90 (July 16th lows) and the resistances set at 0.9077 (November 26th lows), 0.9122 (November 25th lows) followed by 0.9186 (November 22nd highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and navigates below the EMA20.
AUD/USD Technical Levels
Price action reveals the break of a H&S pattern neckline after the extension of the bearish channel that started last October 22nd and goes on for over a month now. Down over 100 pips this week, the pair prints most of its losses today for a 0.58% retracement ahead of Wall Street’s closing. Offered at 0.9073, the pair navigates between the supports aligned at 0.9060 (July 8th highs), 0.9031 (September 4th lows) ahead of 0.90 (July 16th lows) and the resistances set at 0.9077 (November 26th lows), 0.9122 (November 25th lows) followed by 0.9186 (November 22nd highs). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bearish and navigates below the EMA20.