AUDUSD – Analysis and Forex Trading Signals – 14 May 2014

AUDUSD – Analysis and Forex Trading Signals – 14 May 2014

Analysis:

AUDUSD did not move down further as expected but hold at 0.9335 and close above this level by close of US market yesterday.

AUDUSD continue to move up firmly during Asian trading session after Australia Budget released.

Australia Budget delivered a tough cuts to entitlements for the elderly and education, as well as tax hikes for the high earners as a means to save A$36 bil over the next 4 years. 

Moody’s have also announced that it has affirmed Australia sovereign rating at Aaa and stable outlook, with noting that the budget provisions are positive for both deficit and debt.

AUDUSD is testing 0.94 and we expect it will break this resistant level soon to continue its move to 0.9465.

Screenshot 2014-05-14 15.26.09

Forex trading signals:

Support zone:

-0.9394 – 0.9400

– 0.9320- 0.9345

-0.9265:

-0.9200:

Resistant zone:

-0.9400

– 0.94230

-0.94650

-0.9535

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