empty
 
 
28.03.2014 10:14 AM
Technical analysis of AUD/USD (Weekly) for March 28, 2014
This image is no longer relevant

Technical outlook and chart setups:

1. The AUS/USD weekly chart setup indicates that there could be further downside left in the pair towards 0.7950/0.8000 levels. At the moment the AUD/USD is breaking out of the immediate downtrend line as seen here and has got potential to rally upto 0.9350 and also 0.9500 levels. It is recommended to remain flat for now, but look to short from 0.9350/0.9400 levels on a bearish reversal.

2. Immediate resistance is seen at 0.9750, followed by 1.05, while support is through 0.9130, followed by 0.8670 and lower respectively.

3. The structure reveals that the entire rally from 0.6200 through 1.1000 is being retraced at the moment in a corrective 3 wave style. The fibonacci 0.618 of the bull run is around 0.7950 levels. Hence bottom formation is seen there.

Trading recommendations:

Flat for now. Looking to sell higher up.

Good luck!


Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback