AUD/USD: Forecast on 13.03.2014

March 13, 2014

Current trend

On Wednesday morning the pair AUD/USD has reached local lows, dropping to the level of 0.8923, amid negative Chinese statistics. However, in the afternoon the pair shifted to upward correction. At the opening of today’s Asian session the AUD continued to grow due to support from Australian macro-economic statistics. It became known that number of employees in the country was above the forecast, increasing by 47.3 thousand. Amid these facts AUD/USD had tested resistance level of 0.9075; however the pair failed to consolidate above this level.

Today, investors will wait for the data on retail sales and number of initial applications for unemployment benefits in the USA.

Levels of support and resistance

Support levels: 0.9040, 0.9020 and 0.8990.

Resistance levels: 0.9075, 0.9108 and 0.9135.

Trading tips

On the four-hour chart Bollinger bands are diverging, demonstrating continuation of uptrend. MACD histogram is above the zero line and its volumes are increasing, giving a buy signal. If current trend maintains it is recommended to open buy positions from the current price with the nearest target of 0.9108. Breakdown of the level of 0.9108 will open the way to 0.9135 and 0.9160.

Vadim Smarzh

Analyst of LiteForex Group of Companies

Publication source
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