AUD/USD Outlook: Pair Enters Near-Term Consolidative Phase
FinFX | Nov 26, 2013 04:51AM ET
AUD/USD
The pair enters near-term consolidative phase after posting fresh low at 0.9119, with initial 0.9200 resistance capping the upside for now. Improved hourly structure sees scope for further recovery, with additional support given from 4-hour indicators that emerge from oversold zone. Extension above 0.9200 opens 0.9244, Fibonacci 38.2% of 0.9446/0.9119, ahead of strong 0.9270/80 zone, previous lower platform and 50% retracement, where rallies should be limited. Only sustained break above 0.9300 barrier would sideline immediate bears.
Overall bears, however, remain in play and are expected to resume larger downmove once corrective phase is completed, with 0.9100 seen as immediate support, ahead of key short-term support and breakpoint at 0.8891, 30/08 low.
Resistance: 0.9200; 0.9248; 0.9270; 0.9300
Support: 0.9177; 0.9141; 0.9119; 0.9095
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