March 17, 2014 – AUD/USD (daily chart) has continued to trade within a moderate range between its two key moving averages – the 50-day and 200-day – for more than a month. This consolidation phase occurs within a strong bearish trend that extends back to the April 2013 high near 1.0600, and which continues to remain intact. Within this bearish trend, the currency pair has rebounded from its three-and-a-half-year low of 0.8659 that was hit in January, but has been unable as of yet to follow-through significantly on this rebound. The 200-day moving average to the upside is currently serving as strong resistance, and has recently halted the pair’s further rise. Also directly to the upside resides a major downtrend resistance line that connects the noted April high near 1.0600 with the October high at 0.9757. With this confluence of strong resistance directly above current price action, AUD/USD could well be constrained in its attempts to advance. If the pair continues to respect resistance with a move back to the downside below the noted 50-day moving average support, major targeted support levels further to the downside continue to reside around 0.8850 and then 0.8600. James Chen, CMT Chief Technical Strategist City Index Group Forex trading involves a substantial risk of loss and is not suitable for all investors. This information is being provided only for general market commentary and does not constitute investment trading advice. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any financial instrument and should not be used as the basis for any investment decision. James Chen James Chen James Chen is Chief Technical Strategist for City Index Group. He is also a Chartered Market Technician. He is the author of the books: "Essentials of Foreign Exchange Trading" (John Wiley & Sons, 2009) and "Essentials of Technical Analysis for Financial Markets" (John Wiley & Sons, 2010). Mr. Chen writes currency analysis, leads forex trading seminars and has appeared in numerous major financial media outlets, including CNBC, Bloomberg TV, Forbes, Reuters, Dow Jones, and the Associated Press. View All Post By James Chen Forex News Today: Daily Trading News share Read Next Indices collapsing, gold on the rise; what to expect Maria Timova 8 years March 17, 2014 - AUD/USD (daily chart) has continued to trade within a moderate range between its two key moving averages - the 50-day and 200-day - for more than a month. This consolidation phase occurs within a strong bearish trend that extends back to the April 2013 high near 1.0600, and which continues to remain intact. Within this bearish trend, the currency pair has rebounded from its three-and-a-half-year low of 0.8659 that was hit in January, but has been unable as of yet to follow-through significantly on this rebound. The 200-day moving average to the upside is currently serving… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
