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30 Apr 2013
Forex: AUD/USD capped below key Fibo level at 1.0360
FXstreet.com (Barcelona) - AUD/USD is last at 1.0345, off recent session and weekly highs at 1.0360. The pair stalls at the 38.2% Fibo retrace of latest down leg from April 11 highs at 1.0580, ahead of private credit sector data in Australia at 01:30 GMT. The pair is up +0.61% so far for the week.
“The hourly chart shows a strong 20 SMA below current price, although indicators diverge from price action, heading lower and approaching their midlines after retracing from overbought levels,” says Valeria Bednarik, Chief Analyst at Fxstreet.com. “The lack of retracement in price however, and the upward momentum seen in the 4 hours chart however, favors further gains in the pair, eyeing now key resistance around 1.0410,” the analyst adds.
Valeria finds support levels at: 1.0335, 1.0310 and 1.0260, while resistance levels at: 1.0380, 1.0410 and 1.0440.
“The hourly chart shows a strong 20 SMA below current price, although indicators diverge from price action, heading lower and approaching their midlines after retracing from overbought levels,” says Valeria Bednarik, Chief Analyst at Fxstreet.com. “The lack of retracement in price however, and the upward momentum seen in the 4 hours chart however, favors further gains in the pair, eyeing now key resistance around 1.0410,” the analyst adds.
Valeria finds support levels at: 1.0335, 1.0310 and 1.0260, while resistance levels at: 1.0380, 1.0410 and 1.0440.