AUD/USD Technical Analysis – April 21, 2014 Forecast » Fx Empire …
Get Forex buy/sell signals directly to your email and by SMS.
The AUD/USD is called slightly better after the bank holiday on Friday. Traders continue to be a corrective mode after the recent sharp rise. Since the Forex pair is down 7 days from the top, traders should start to watch for a closing price reversal bottom on either the hourly or daily chart. This could be a sign that buyers are returned after the correction.
The main trend is up on the daily chart. The main range is .9205 to .9460. The retracement zone of this range is .9332 to .9302. This is a potential support area. Often, closing price reversal bottoms begin inside this zone. Early weakness followed by a move through .9332 could set a bullish tone for the day. A drive through the lower or Fibonacci level will be a sign of weakness.
Daily AUD/USD
The Aussie starts the session on the weak side of a downtrending angle at .9320. Overcoming this angle will be another sign of developing strength. The daily chart indicates there is plenty of room to the upside if .9332 can be taken out with conviction. The next upside target is a downtrending Gann angle at .9390. Volatility shouldn’t be strong enough to reach this angle today, but a test later in the week is likely. This angle is dropping at a rate of .001 per day.
A failure to hold .9302 likely means the AUD/USD is tested for a test of a major uptrending angle from the January low at .8659. This angle is at .9269 today.
The prolonged break in price and time creates the possibility of a closing price reversal bottom today. A bullish tone will be set if buyers can overcome .9332.
Link to article –
AUD/USD Technical Analysis – April 21, 2014 Forecast » Fx Empire …
See which stocks are being affected by Social Media
