Australian Dollar Under Pressure
Carol Harmer | Mar 31, 2014 03:09AM ET
The Aussie is a little under pressure, headed back below .9235. However, we do have a support area at .9222/10 and we will look to this support today to see if we can maintain gains. Failure of the AUD/USD to hold over .9200 leaves us looking a little weaker with .9170 looking to be the first objective. We are looking to cover shorts in this area and reinstate longs. We're keeping stops on longs below .9135.
Short term we are looking a little oversold on the charts so we may well hold this .9200 support which should then provoke a move higher toward the break point of .9235. If we can break and hold above here it would give a little bit more confidence to the market and we could well see buyers back in at these levels, looking to drive the market higher for .9297/9300 once more. At this point, we'd cover all longs.
We are only going back into a long position if we can make a break above .9300. A break above here sees the market come higher and we would then be in quite a good position to trade higher for .9345/50. The 4-hour charts have a little bullish flag on them with the base at .9204 today, so bear this in mind. This time frame chart is also entering oversold territory, thus this may well give the Aussie a lift.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.