The AUDUSD could start a new and strong bearish trend
By
Felipe Erazo
PUBLISHED:
Oct 27 2013 @ 20:00
|
Comments (0)
|
More info about Felipe Erazo
The aussie is consolidating below the 200 day moving average, which can strengthen the current bearish trend.
The AUD/USD is moving within a low range below the 200 day moving average and the resistance level at 0.9593. If the pair manages to break the 0.9570 level, it’s expected to fall to the level of 0.9517. On the other hand, we must consider that this pair could make a strong bullish rebound and put back above the 200 day moving average, which could extend the bullish trend of this pair overall.
The MACD indicator remains in neutral territory, which means that this pair is within a period of indecision on the trend, so we recommend caution in doing intraday trading with the AUDUSD.
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.