AUDUSD – Analysis and Trading Signals – 9 May 2014

AUDUSD – Analysis and Trading Signals – 9 May 2014

AUDUSD – Analysis and Trading Signals – 9 May 2014

 Fundamental analysis:

AUDUSD is currently supported by good Australia Employment data and China trade balance. However, China CPI this morning seem negative for AUDUSD with CPI yearly and monthly also printed lower than estimated.

Our view on fundamental is that AUDUSD will continue to move up with support from healthy Australia economic data.

Technical analysis: 

Screenshot 2014-05-09 13.55.10

From the 4H chart we can see that AUDUSD is still bullish and the up trend is still strong. Currently AUDUSD is retracing after touching 0.9394 yesterday, and it is testing its first support at 0,9355.

It is Friday today and with no significant new up to end of US trading session, we dont expect AUDUSD will move in wide range.

Trading signals:

Support zone:

-0.9355: Currently tested

-0.9323: Strong support level, likely will be hold at this level

-0.9270: Strong support level,

-0.9200: Very strong support level, dont expect to touch this level.

Resistant zone:

– 0.9400:

– 0.94230: If first resistant broken.

-0.94650: Strong resistant

-0.9500: Unlikely for today

Forex Signals 247.

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