23.05.201407:07 Forex Analysis & Reviews: Technical analysis of AUS/USD for May 23, 2014

Long-term review

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The pair has been in a downtrend from 0.9408 levels, taking support at 0.9202 levels (May 02 low) and pulled back to 23.6fib levels from 0.9208 levels. Yesterday's high was very crucial, because it was rejected at 0.9273 levels where the 50-day SMA and 23.6 fib levels existed. The previous swing low of 0.92 is the strong support. If the pair breaks the 0.92 level, the fresh bearish waves will take the pair towards 0.9154 and 0.9140 levels.

Trend change levels

0.92618, 0.9273. A day close above 0.9273, we will see 0.93, 0.9334 and 0.9373 levels. We expect the down side to be limited up to 0.9150-0.9140 levels. Major panic will take place only below 0.9150-0.9140 levels.

In Asia's trading session, the pair is trading at 0.9242 levels. The pair looks strong only above 0.9248 levels on an intraday basis, it can fly up to 0.9270, 0.9288 and 0.9315 levels. Buyers can watch for 0.9248 levels. If it sustains above 0.9253, the intraday buying will become stronger and the strong momentum will be seen above 0.9273 levels. The hourly stochastics favors buying the dip for the next couple of days with sl 0.92.

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