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02.01.2014 09:02 AM
The AUD/USD (Daily Charts) is still under the bearish pressure. This is already indicated by the SMA 20 (Bollinger Bands Middle Line), it is moving bellow the Exponential Moving Average 50 periods. However, the RSI (14) is forming a Double Bottom pattern, and the price is still in the demand area. This condition indicated that there will be a small retrachement to the upside especially if the price of this currency can breach and close above the 0.8993. If this situation happens, there will be a possibility for this currency to go up to the 0.9034 level as their first target and the 0.9092 as their secondary (optional) target. As long the price cannot exceed or breach and close above the EMA (50), this pair will be under the bearish pressure.
Best regards,
Arief Makmur
Official Analyst of InstaTrade Companies Group
InstaTrade Companies Group
http://instatrading.com
blog.mt5.com/arief
http://www.mt5.com/forex_analysis_award/profile/index/arief
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