AUDUSD Technical Analysis for June 18, 2013

The Aussie continues to forming important bearish patterns forming  for further define the trend in the long term.

The AUDUSD continues forming a lower high pattern in the daily chart above the support at the 0.9489 level. If the aussie manages to break this level, it is expected to fall to support at the 0.9385 level. On the other hand, we can not rule out a possible bullish rebound on current levels and if the aussie does that rebound, it’s expected to rise to resistance level 0.9660. The AUDUSD remains well below the 200 day moving average and although the latest news on the Australian economy to try to boost investor optimism, the Aussie will continue to fall until there is a clear consensus regarding the economic situation in Australia and also U.S.. Recall that the economic news in China have some impact on the AUD pairs.

The MACD indicator remains in positive territory, but is approaching overbought levels.

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