AUD/USD Testing Key 0.9280 Support

AUD/USD (daily chart as of November 15, 2013) broke down below the daily EMA 20 on November 7 and the daily EMA 50 on November 8. Price then fell down to the key 0.9280 support as we expected, and touched a low of 0.9270 on November 12. The 0.9280 mark is the last significant low point within the current uptrend, and the pair needs to hold it for more upside momentum.

Today is the fourth day that price has attempted to stay above the key support level. If 0.9280 serves as strong support, and price rises above the daily EMA 50 and EMA 20, it could resume the uptrend to test 0.9540 and potentially the key 0.9756 level again. If price finally breaks down below 0.9280, the current uptrend could be placed in jeopardy.

Support levels below:

1^st support: 0.9315-0.9280 (key support zone)

2^nd support: 0.9220 (multiple lows and highs)

3^rd support: 0.9115 (September 6 low)

Resistance levels above:

1^st resistance: daily EMA 20 and EMA 50

2^nd resistance: 0.9540 (November 6 high)

3^rd resistance: daily EMA 200 or 0.9756 (key resistance)