Aussie Selling Pressure May Continue
AvaTrade | Jul 31, 2014 06:36AM ET
The AUD/USD pair is trading on a downward trend line at the 60 minute time frame. The price pierced the Bollinger band previously, but it has moved back in the band and close to its 20 day moving average which means that the volatility is low. The pair is also trading below the 50day (shown in red) and the 100 day (shown in yellow) moving average which means that the bias remains towards the downside.
The RSI is showing a clear sign of divergence in relation to the price action which means that the bias could be towards the upside.
Resistance Zones
0.9422-0.9411 Major
0.9386-0.9378 Minor
Support Zones
0.92882-1.9273 Major
0.0.9121-1.9206Minor
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
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