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Forex: AUD/USD testing the 1.0500 level

By FXstreet.com,  January 09, 2013, 06:35:00 AM EDT

FXstreet.com (Barcelona) - After maxing out at 1.0526 (session high) earlier today, the AUD/USD has taken a series of tumbles, after which an earlier recovery attempt was stymied. At the time of writing, the pair has lost its grip on the 1.0500 level, falling into negative territory.

"The AUD/USD is generally bullish with an hourly bearish engulfing occurring near a strong support level at 1.0496, the Pivot Point. The immediate object will be 1.0476 break of which suggests we have a tanking market with 1.0449 as its target." Warns Mark De La Paz, an analyst at FX Instructor.

De La Paz points to supportive means at 1.0496 onto 1.0476, and finally 1.0449. On the upside or in the event of a prolonged thrust upwards, a break above 1.0523 will trigger resistances at 1.0543 up to 1.0570.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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