Forex Technical Update
AUD/USD 4H Chart 10:30AM EDT 6/25/2012
The AUD/USD is pushing lower during the 6/25 US trading session, extending losses below the key parity level, which was resistance earlier in June, and is now failing as support. The 4H RSI is also dipping below 30, a sign of new bearish momentum. This break opens up the June low in the 0.96-0.9635 area. However, before that, another key support is near the 0.9820 level.
Even before that, we should monitor the 0.9925 support pivot, which is also where the 200-4H-SMA resides.
At this point, the market should remain bearish unless it pushes above the 1.01 level as well as the declining trendline seen in the 1H Chart. If the 1H RSI also pushes above 60, then we are in a sideways market instead of a bearish one.
AUD/USD 1H Chart 10:30AM EDT 6/25/2012
Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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