ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

AUDUSD Technical Analysis for May 21, 2013

Share On Facebook
share on Linkedin
Print

The AUDUSD is making a consolidation after a sharp drop.

The aussie is forming a higher low pattern very clear in the daily chart and that was expected, because this pair is literally in free fall from the level of 1.0350. Now, the AUDUSD is moving in a range between 0.9828 and 0.9709, very crucial levels that could determine the trend for the rest of the week in this pair. If the AUDUSD breaks the support at the 0.9709 level is expected to continue to fall to the level 0.9600 and for that reason, we would recommend keeping the sell orders in this pair. On the other hand, if the AUDUSD breaks the resistance level 0.9828, is expected to return to parity at 1.0000 level in the medium term, which is unlikely due to the weakness that has the aussie and bad economic data that have been published in recent days and has a negative impact in the Australian economy.

The MACD indicator is in negative territory but showing extreme oversold levels in this pair and therefore, I recommend just waiting for the right AUDUSD breaking any of the above levels.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com