Technical analysis of AUD/USD for January 02, 2014
January 2, 2014 6:45 am
The AUD/USD (Daily Charts) is still under the bearish pressure. This is already indicated by the SMA 20 (Bollinger Bands Middle Line), it is moving bellow the Exponential Moving Average 50 periods. However, the RSI (14) is forming a Double Bottom pattern, and the price is still in the demand area. This condition indicated that there will be a small retrachement to the upside especially if the price of this currency can breach and close above the 0.8993. If this situation happens, there will be a possibility for this currency to go up to the 0.9034 level as their first target and the 0.9092 as their secondary (optional) target. As long the price cannot exceed or breach and close above the EMA (50), this pair will be under the bearish pressure.
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
The material has been provided by InstaForex Company – www.instaforex.com
The AUD/USD (Daily Charts) is still under the bearish pressure. This is already indicated by the SMA 20 (Bollinger Bands Middle Line), it is moving bellow the Exponential Moving Average 50 periods. However, the RSI (14) is forming a Double Bottom pattern, and the price is still in the demand area. This condition indicated that there will be a small retrachement to the upside especially if the price of this currency can breach and close above the 0.8993. If this situation happens, there will be a possibility for this currency to go up to the 0.9034 level as their first target and the 0.9092 as their secondary (optional) target. As long the price cannot exceed or breach and close above the EMA (50), this pair will be under the bearish pressure.
Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
http://instaforex.com
blog.mt5.com/arief
http://www.mt5.com/forex_analysis_award/profile/index/arief
Disclaimer :
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
The material has been provided by InstaForex Company – www.instaforex.com
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