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7 Jan 2014
AUD/USD breaks US lows, still above daily tenkan
FXstreet.com (Bali) - Despite the Australian trade deficit turned out not as bad as expected, coming at -118 million vs -300m expected, AUD/USD is down by over 35 pips post data, with US lows at 0.8940 having being broken.
Technically, according to Jim Langlands, Founder at FXCharts: "On the downside, today’s session low is at 0.8935, below which 0.8910 is now short term support. This comes ahead of further bids likely to be seen at 0.8880, 0.8840 and 0.8820."
From a daily view, the pair remains confined in a 2 cents range between 0.88 and 0.90. Price is still above the daily tenkan, yet at its first attempt to break confluence area at 0.90(kijun daily + static resistance + big round number), bulls have failed to make any progress. The daily tenkan should now hold to prevent deeper declines.
Technically, according to Jim Langlands, Founder at FXCharts: "On the downside, today’s session low is at 0.8935, below which 0.8910 is now short term support. This comes ahead of further bids likely to be seen at 0.8880, 0.8840 and 0.8820."
From a daily view, the pair remains confined in a 2 cents range between 0.88 and 0.90. Price is still above the daily tenkan, yet at its first attempt to break confluence area at 0.90(kijun daily + static resistance + big round number), bulls have failed to make any progress. The daily tenkan should now hold to prevent deeper declines.