AUDUSD Technical Analysis for May 07, 2013

In yesterday’s session, the AUDUSD had a very bearish day, falling to strong support level at 1.0240.

That support in the AUDUSD is a very important level, because there have slowed declines in recent days on the aussie and if this pair breaks that support, it is likely to see a fall below the psychological level of 1.0200. Furthermore, the SMA 200 at the level of resistance at 1.0390 and 1.0350, are levels of vital importance in the development of a general trend of this pair, and if the AUDUSD breaks these levels with a bullish candlestick, is quite possible that the AUDUSD rise to the level of 1.0500. The AUDUSD currently moving in a range between 1.0325 and 1.0240, any breach of these levels, could define the trend for this week in the AUDUSD.

The MACD indicator is in neutral territory, showing indecision among investors.

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