AUD/USD – Looking for Support at 0.77 Again

AUD/USD – Looking for Support at 0.77 Again

AUD / USD - Monday, June 15, 2015

Finally on last week, the Australian dollar eased lower resistance in the 0.7850 key level but met reasonable support to 0.77, where it is currently trading above. In recent weeks, the 0.7850 resistance level has played a major role and continues to exert downward pressure on selling 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.

The recent price action has been a significant reversal, because there is not so long, the AUD / USD was in a strong long-term trend medium to having broken by the key 0.7850 level and reached the top four month 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 hold 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 / 14 USD June at 23:55 GMT 0.7730 H: L 0.7754: 0.7724

AUD / USD technical

S3	S2	S1	R1	R2	R3
0.7700	0.70	-	0.7850	0.8150	-

During the first hours of the Asian session Monday, the dollar Australia is easing back towards the support level at 0.77 after having executed even once in resistance around 0.7850. Current range :. trading just above 0.77

Other levels in both directions

• The following :. 0.7700 and 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 eases back to the support level of 0.77. . The trader sentiment is strongly in favor of long positions.

Economic Releases

• 9:00 Trade Balance EU (its) (April)
• 12:30 manufacturers sales of CA (Apr)
• 12:30 US Empire State Survey (June)
• 1:15 p.m. US capacity utilization (May)
• 13: US Industrial Production 15 (May)
• 2:00 p.m. Builders NAHB survey US (June)
• 8:00 p.m. US net long-term TICS flows (April)

* All GMT release time

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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