Technical Analysis – AUDUSD near lows on the hourly chart
October 25, 2013 8:02 amVideo
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The Australian dollar is a currency that can attract attention due to the relative health of the Australian economy, interest rates that are higher than other developed countries and exposure to commodities as a commodity exporter.
Therefore, it is generally positively affected by rising risk appetite.
However, in the last week or so it has failed to follow up the 7-month high it made against the US dollar at 0.9756. The new high occurred on October 23rd but a couple of days later the aussie has been challenging the lows of the week around 0.9571.
The hourly trend of the aussie is down, despite the broken trendline, as this break has not been confirmed by a higher high. The aussie would have to take out 0.9671 in order to reverse the current downtrend.
An interesting level on the way to 0.9671 could be around 0.9622, where the 50-hour moving average also currently lies.
On the other hand, a break of the 0.9571 would mark a lower low and a continuation of the downtrend.
Therefore the current range of the latest trading on the hourly chart is between 0.9571 and 0.9622.
The RSI is in bearish territory at 40, midway between oversold at 30 and neutral at 50.
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