25.03.201403:44 Forex Analysis & Reviews: Technical analysis of AUD/USD for March 25, 2014

Long-term review

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The pair is trading near the crucial descending trendline. AUS/USD is trading in an uncomfortable zone. Between 0.9152 and 0.9166, there is a resistance zone, above that, 0.9246 is the target. On the weekly chart, the pair gave a breakout. But in the daily chart, the breakout action is still pending, may be today it will happen if everything favors this pair. RSI on the weekly and daily charts favors my breakout view. This is the second time it is looking for its fate on the descending trend line. On the upside, if the price gives a breakout, it will fly up to the 0.9235 levels. On the down side, the pair has support at 0.9041, 0.9011, and 0.89481 on a positional basis.

Intraday

In the H4 chart, the pair is facing multiple resistance trend line. Since the start of this month, the pair has been tested to cross the trend line, but it was pushed to lower levels whenever it reaches the trend line. On the down side, the pair has support at 0.9089, 0.9075, 0.9069, and 0.9010 on an intraday basis.

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