AUD/USD Churns; .9200 Could Be in Play as Important Support

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Daily

AUD/USD Churns; .9200 Could Be in Play as Important Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“A final high (above the April high) is possible in order to complete impulses at multiple degrees of trend (from the May low and January low). That high appears to be in place. The high so far is on 7/1, which a day that exhibited high volume. The action after a high volume day suggests that the new high was exhaustive in nature.”

-The rate has yet to follow through on its reversal week and crack .9328 but impulsive weakness from .9504 does suggest we’ll see lower levels before higher levels. Ultimately, the confluence of former lows and the 200 DMA at .9200 could provide support for the next bull leg.

LEVELS: .9201 .9275 .9346 | .9400 .9430 .9460

--Tradingideas are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    AUD/USD Technical Analysis: Aussie Preparing to Recover?

  2. Forex News

    USD Eyes FOMC Meeting amid Perceived Policy Divergence

  3. Forex News

    US Dollar May Fall as FOMC Fails to Fuel Interest Rate Hike Bets

  4. Investing

    AUD/USD: No Need to Fight the Trend

  5. Forex News

    AUD/USD Technical Analysis: Support Found Below 0.79

Trading Center