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Technical Analysis – AUDUSD 4-hourly: Aussie looking for a short-term bottom at 0.90
December 10, 2013 10:37 amVideo
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The Australian dollar has been in a downtrend against the US dollar for most of 2013, a year during which it is down 12.37% against the greenback.
In its latest downturn, it dropped from around 0.9450 of November 20 to a low of 0.90 on December 4. It has since been trying to stage a recovery by rising to around 0.91.
During this move, the short-term indicators have turned positive. Current price action is above both the 21-period exponential moving average as well as the 50-period simple moving average.
The aussie is looking at various resistance levels it needs to overcome such as the two-week high of 0.9168 and the three-week high 0.9203. If those levels are overcome successfully, a test of the one-month high around 0.9450 could follow.
On the downside, if and when this upmove is exhausted, the 0.90 level could provide some support. The low of the year for the pair was recorded back in August at 0.8847.
The MACD is also bullish, as the indicator is in positive territory, it is above the red signal line and it is far from overbought.
It is worth noting that both the technical longer-term picture and the Reserve Bank of Australia’s position in favor of a weaker aussie dollar, argue against a sustainable bounce in the pair.
This latest move looks like a short-term reaction and it will be interesting to see how far it can go.
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