AUD/USD – Support Level at 0.76 Stands Tall

AUD/USD – Support Level at 0.76 Stands Tall

AUD / USD - Tuesday, June 30, 2015

to close the last week the AUD / USD fell sharply lower below 0.77 but found strong support for long-term support level at 0.76. This level has provided strong support throughout most of this year and was named again in the last day. In recent times, he used the support of 0.76 and jumped back to 0.77 times. Throughout last week the AUD / USD eased lower and was enjoying the 0.77 level key support before selling. A few weeks ago, he made a greater leap of below 0.77 until the last three weeks, but he ran right to resistance at 0.7850 key, which played this role several times this year. A few weeks ago, he also spent most of his time fairly stable operations around the 0.7750 level while enjoying a strong support 0.77.

During the last month, the 0.7850 resistance level has played a major role and continues to put selling pressure on the AUD / USD. During this same period, it received strong support from the rock the long term support level at 0.76 which allowed him to bounce back strongly to more than 0.78 to more than one occasion. Throughout the second half of May, the Australian dollar fell sharply four-month high above 0.8150 to the level of key support at 0.76. This level was a significant level for a couple of months and has supported the Australian dollar on multiple occasions. This recent price action has been a significant reversal, because there is not so long, the AUD / USD was in a solid medium term trend upward after crossing the 0.7850 key level and reaches four month high above 0.8150.

For most of this year, the Australian dollar has traded in a wide trading range between support at 0.76 and resistance around 0.7850. Earlier this year in February this range was narrower with the highest level of support 0.77. Throughout this period he has had reasonable swings back and forth between the two key levels with very few excursions beyond the levels. The key level remains now 0.76 and it will be interesting to see how the support at this level can contain and stop the trend of sharp decline in the AUD / USD has experienced in recent weeks. The 4 hour chart below shows how constant the recent decline was, but also how significant the level of 0.76 to be able to temporarily halt the decline.

(daily chart / 4 hourly chart below)

AUD / 29 USD June at 23:50 GMT 0.7672 H: L 0.7682: 0.7672

AUD / USD technical

S3	S2	S1	R1	R2	R3
0.70	-	-	0.7850	0.8150	-

During the first hours of the Asian session on Tuesday, the Australian dollar is easing back from the level of 0.77 after surging so far in the past hours. Current range :. trading just below 0.7680

Other levels in both directions

• The following :. 0.70

• Above :. 0.7850 and 0.8150

Open Ratios position OANDA

(shows the ratio of long short positions vs held AUD / USD between all OANDA clients. the left percentage (blue) shows long positions, the percentage right (orange) shows short positions)

the long position report AUD / USD fell below 60% as the AUD / USD jumped back at 0.77 in the past. hours. The trader sentiment is in favor of long positions.

Economic Releases

• 11:30 p.m. (Monday) IN AIG Manufacturing PMI (June)
• 11:50 p.m. (Monday) JP Tankan (Q2 )
• 1:00 trust NZ NBNZ business (June)
• 1:30 AU private sector credit (May)
• 5:00 JP Construction orders (May)
• JP 5:00 starts (May)
• 8:30 UK current account (Q1)
• 8:30 UK GDP (3rd Est.) (Q1)
• 8:30 UK Index services (April)
• 9:00 EU HICP flash (June)
• 9:00 EU unemployment (May)
• 12:30 CA GDP (April)
• 13:00 US S & P Case-Shiller Home Price (April)
• 13:45 US Chicago PMI (Jun)
trust
• US Consumer 2:00 p.m. (June)

* All times are GMT release of

This article is only for general information purposes. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or its subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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