Australian Dollar VS US Dollar, September 2nd, Daily Time-frame Hello, dear traders. Today we are going to analyze the Aussie against the US dollar chart. The currency pair could be on the way to create a reversal pattern from 10-month peak at 0.9503 to recent support at 0.9240 and that is indicated by the falling trend line. However the currency couple could just be in a wide range between upper boundary at 0.9502 and bottom boundary at 0.9210. The Simple Moving Averages are not a reliable indicator at the moment because of their mixed signs. The range trading pattern is the most likely scenario with prices in the intraday being on a downside bias. Furthermore, at the below chart we can see the daily volumes of futures and options traded on the Chicago Mercantile Exchange. It is observable that on the last trading sessions the volume of trading is decreasing and that validates our conclusion of an indecision period, in other words the range trading formation. Looking at the oscillators, the Stochastic is falling and is trading in neutral ground as prices are also in a range trading while the OsMA is gradually moving towards its neutral line. Lastly ,the RSI (14) down trending suggesting that we may be on a falling start point. In our opinion, the oscillators at the time being are not so useful so we will concentrate more on the price pattern. In the shorter term we consider chances are favoring downside bias with prices likely to revisit support at 0.9240. However, we should be cautious due to the longer term indication of a range trading formation. Should the prices fall below the downside hurdle zone of 0.9240/0.9210 that would confirm the downtrend, electing the level at 0.9140 as the next target. infinmarkets/en/technical-analysis
Posted on: Tue, 02 Sep 2014 07:31:22 +0000