AUD/USD Forex Technical Analysis – June 16, 2014 Forecast » Fx …

AUD/USD Forex Technical Analysis – June 16, 2014 Forecast » Fx …

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The AUD/USD surged last week to .9437 but fell back to .9400 into the close on Friday as investors took profits ahead of the weekend and because of short-term overbought conditions. Today is the ninth day up from the June 3 bottom at .9229 so the market is in the window of time for a closing price reversal top. Watch for this chart pattern or an “M” top on the hourly chart to signal the presence of sellers.

Daily AUD/USD

The first support is a steep uptrending angle from the .9229 bottom at .9409. Technically, the market closed below this angle on Friday, putting it in a weak position from the opening. A lower opening could attract fresh selling pressure from the start. Overcoming .9409 will put the Aussie in a strong position.

Taking out .9437 will resume the uptrend. This move could create enough upside momentum to trigger a rally into the April 10 high for the year at .9460. This is the key area traders should watch for selling pressure.

The main trend is up on the daily chart. The main range is .9229 to .9437. The retracement zone formed by this range is .9333 to .9308. Look for a move into this area on a sustained move under .9409. An uptrending angle from .9229 pierces the zone at .9319, validating its importance.

The tone of the day should be determined by how investors handle the angle at .9409. Overcoming the angle and holding it will create a bullish tone while a failure to take out this price will be a sign of weakness and could encourage long investors to sell and aggressive traders to short.

 

 

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AUD/USD Forex Technical Analysis – June 16, 2014 Forecast » Fx …

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