AUD/USD: Range low .9330/20 key - JPMorgan

By FXstreet.com | July 29, 2014 AAA

FXStreet (Bali) - Niall O'Connor, FX Strategist at JPMorgan, notes that the .9330/20 support zone in AUD/USD remains key, adding that a break below would be the first sign that a deeper corrective phase is finally due.



Key Quotes



"While the setup for AUD/USD has been resilient of late especially given last week’s reversal from the short term range lows near .9330/20, the pair continues to struggle to extend."



"In this regard, the action highlights the importance of the .9506/.9545 resistance zone which includes the recent range highs, the 76.4% retracement of the decline from the October ’13 high and the November peak."



"Only sustained breaks through this area would suggest a closer test of the .9758 October peak. A violation of the .9330/20 support zone and short term range lows would be the first sign that a deeper corrective phase is finally due and another sign that the broad USD picture is improving."



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD recovering from Asian lows
    Forex News

    GBP/USD recovering from Asian lows

  2. USD/JPY mellow on the back of USD sell-off
    Forex News

    USD/JPY mellow on the back of USD sell-off

  3. Dollar Cheered in Press, But Data and Fed Chatter Turning
    Forex News

    Dollar Cheered in Press, But Data and Fed Chatter Turning

  4. EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation
    Forex News

    EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation

  5. US Dollar Technical Analysis: Is a Pullback in the Cards?
    Forex News

    US Dollar Technical Analysis: Is a Pullback in the Cards?

Trading Center