18 Jun 2014
AUD/USD finds support at 0.9330, 55-day MA
FXStreet (Bali) - AUD/USD is trading at 0.9338, with strong support at 0.93390 (55-day MA) so far providing a respite for the AUD, which ended Tuesday as the worst performer after losing over 0.7% following a slightly more dovish RBA minutes.
As Jim Langlands, Founder at FXCharts, notes: "The more dovish tone from the RBA Minutes indicated that the economy will remain sluggish for the rest of the year and that the Bank believes extremely low interest rates are needed as a support measure for some time to come."
AUD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish. RSI is in neutral territory at 53.23, up from it’s last hourly close at 32.42, while ADX is ranging above 30 at 16.07, down from 26.39 at the last hourly close.
Looking to a daily chart, we see that RSI is neutral at 61.78. The 200 SMA is currently at 0.9375, up from 0.9370 at the last period close, and climbing on the hourly AUD/USD chart. Moving in an upward trend, the exponential average closing price is 0.9338.
Technically, Jim adds: "Although the hourlies are now somewhat oversold, the 4 hour indicators still look soft, and having broken back below the previous trend resistance-turned-support at 0.9350, it looks as though the Aud could be in for a test of 0.9320 and possibly 0.9295 (61.8% of 0.9210/0.9438)."
As Jim Langlands, Founder at FXCharts, notes: "The more dovish tone from the RBA Minutes indicated that the economy will remain sluggish for the rest of the year and that the Bank believes extremely low interest rates are needed as a support measure for some time to come."
AUD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish. RSI is in neutral territory at 53.23, up from it’s last hourly close at 32.42, while ADX is ranging above 30 at 16.07, down from 26.39 at the last hourly close.
Looking to a daily chart, we see that RSI is neutral at 61.78. The 200 SMA is currently at 0.9375, up from 0.9370 at the last period close, and climbing on the hourly AUD/USD chart. Moving in an upward trend, the exponential average closing price is 0.9338.
Technically, Jim adds: "Although the hourlies are now somewhat oversold, the 4 hour indicators still look soft, and having broken back below the previous trend resistance-turned-support at 0.9350, it looks as though the Aud could be in for a test of 0.9320 and possibly 0.9295 (61.8% of 0.9210/0.9438)."