Detailed Forex analysis AUDUSD 11 May 2015

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Detailed Forex analysis AUDUSD 11 May 2015

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Detailed Forex analysis AUDUSD 11 May 2015

The last couple of weeks has seen the Australian dollar on a roller-coaster ride moving from below 0.78 and up to near 0.81.  Earlier last week the Australian dollar surged higher however it ran into resistance right around 0.7950 and 0.80 before easing slightly and consolidating in a narrow range between 0.7850 and 0.79 to finish out the week.  A couple of weeks ago it enjoyed a solid start to the week, moving to a three month high just shy of 0.81.  It then eased back towards the key 0.7850 level again where it received some support.  A few weeks ago the Australian dollar looked poised to break through the long standing resistance level at 0.7850 even though this level has stood up tall for several months now.

 

During this time the Australian dollar fell sharply but landed on the previous key level at 0.77 which has offered considerable support since that time. Since the beginning of March the Australian dollar has relied heavily on support at the 0.76 level. Below 0.76 its next obvious support level is down at 0.7550 and it will hoping to be propped up by it. Back in early March the Australian dollar made a statement and broke down strongly through the key 0.77 level which then provided significant resistance for the following few days. It was also able to enjoy some short term support around 0.7550 which propped it up and allowed it to rally strongly back up to above 0.79.

 

 

Throughout February the Australian dollar made repeated attempts to move up strongly to the resistance level at 0.7850 however it was rejected every time and sent back easing lower, which is why this level remains significant presently. Just prior to that towards the end of February the Australian dollar moved through the resistance at 0.7850 to reach a new four week high around 0.7900. In the second half of January, the Australian dollar fell very sharply and break lower from the trading range that had been established roughly between 0.8050 and 0.8200.

 

To read much more follow this link:-  http://worldwide-invest.org/content/3764-aud-usd-consolidates-0-7950-a.html

 

 

 

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