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Forex Technical Analysis AUD/USD 2013-05-22

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Strong impulsive wave drove the currency pair to more than 11-month low at 0.9709 in May trading and established a clear downtrend price pattern. Thus the most likely scenario is prices would proceed to lower ground, nonetheless we should keep in mind that the Stochastic is still near oversold zone and medium-term RSI is below mark at 30. With that said, consolidation or correction might follow, for the time being some consolidation is taking place. In addition the vicinity between 0.9700 and 0.9600 represents a major support region in the wider timeframes, thus one should be cautious on establishing long-term short positions.


We expect the currency pair to correct in the immediate term, perhaps approaching parity or as high as 0.9971 which is the 38.2% Fibonacci retracement level. Following that prices would return to downside bias to retest low around 0.9792, followed by lower Bollinger band at 0.9611.



 

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