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Technical Analysis – AUDUSD 4-hourly: Near December’s 3-year low – are fresh lows ahead?
January 8, 2014 10:31 amVideo
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The Australian dollar was one of the weakest currencies of 2013, dropping 14.2% against its US counterpart. Worries of overvaluation, verbal intervention by the Reserve Bank of Australia to drive the aussie lower and some growth scares out of China, all contributed to push the currency down despite robust economic growth down under.
The ausssie made a fresh 3-year low on December 18 at 0.8819. This also represents the pair’s immediate support level, as efforts to approach this level in the past couple of weeks were met with buying.
In recent trading action the aussie rallied to the 90 cent level, the four-week high, but was unable to break through. This could act as resistance, as could the high from early December (1 ½ month high) of 0.9164.
The pair is currently in the middle of its 4-week old trading range between 88.2 and 90 cents and price is close to both the exponential 21-period moving average and the simple 50-period moving average. Therefore, there is no short-term trend present.
RSI at 46 is slightly bearish, but mostly flat and close to 50.
To sum up, although the overall trend for the aussie is still negative, in the short-term the currency looks neutral. A break above 90 cents or below 88.19 cents, outside the current trading range that is, could be important and could lead to bigger moves.
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