AUD/USD (daily chart as of March 21, 2014) has found temporary support at the short-term uptrend line connecting the January 24 low and March 2 low, as shown on the daily chart. Note that the sell off on March 19 (arrow on chart) occurred right below the medium-term downtrend line connecting the April and October 2013 highs.
The pair is now at a critical juncture, trading between two important trend lines that are converging with each other within a very narrow range. The closely-watched 0.9085 key resistance level is situated right between the two lines. A potential trade setup could be triggered after a strong breakout of the range with follow-through confirmation.
Support levels below:
1st support: short-term uptrend line or daily EMA 50
2nd support: 0.8920/8890 (March 12 low / March 2 low)
3rd support: 0.8825 (multiple highs and lows)
1st support: short-term uptrend line or daily EMA 50
2nd support: 0.8920/8890 (March 12 low / March 2 low)
3rd support: 0.8825 (multiple highs and lows)
Resistance levels above:
1st resistance: 0.9085 or medium-term downtrend line
2nd resistance: 0.9130/70 (multiple highs)
3rd resistance: 0.9270 (multiple lows)
1st resistance: 0.9085 or medium-term downtrend line
2nd resistance: 0.9130/70 (multiple highs)
3rd resistance: 0.9270 (multiple lows)
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