AUD / USD – Looking to Push Through Resistance at 1.05
Over the last couple of months the AUD / USD has bounced back off the support level at 1.02 and slowly but surely regained lost ground meeting and dealing with key levels along the way. Over the last month or so, the 1.03 has been a key support level whilst earlier last month, the 1.0450 level emerged as a key level of supply. Over the last couple of weeks, the AUD / USD has been able to move through towards the 1.05 level and has been threatening this level whilst receiving good support at 1.04.
For the last few months, the AUD / USD has been on a rollercoaster ride moving sharply between two major key levels at 1.02 and 1.06. Throughout the first half of September, the AUD / USD had an amazing turnaround pushing back towards 1.06 – this level was highly likely to cause a potential problem having been a brick wall of resistance in early August. Then from the middle of September, the AUD/USD slowly but surely drifted lower and once it broke through the support level around 1.04, it was quick to head down towards the support level at 1.02 again. Presently, the AUD / USD is placing solid pressure on the resistance level at 1.05. If it was to break through, the 1.06 level will loom large and place significant pressure on the AUD / USD. (Daily chart below)
|Dec 9 at 23:45 GMT|
|1.0481 / 82||H: 1.0491||L: 1.0482|
AUD/USD Long – Short Ratio
(Shows the ratio of long vs. short positions for the AUD/USD. The left percentage (blue) shows long positions; the right percentage (orange) shows short positions.)
- During the early hours of the Asian trading session on Monday, the AUD / USD has just eased off a little from the resistance level at 1.05.
- The AUD / USD has spent the last couple of weeks threatening the resistance level at 1.05.
- Throughout November, a resistance level formed around 1.0450 and the AUD / USD found it tough going to move beyond there, although over the last couple of weeks, it has been able to move higher.
- Current range: Trading just below 1.05 around 1.0480.
Further levels in both directions:
- Below: 1.0400, 1.0300 and 1.0200.
- Above: 1.0500 and 1.0600.
- AU 0:30 (GMT) Housing & Lending Finance (Oct)
- JP 5:00 (GMT) Consumer Confidence (Nov)
- EU 9:30 (GMT) Sentix Indicator (Dec)
- IT 10:00 (GMT) GDP (Final) (Q3)
- CA 13:15 (GMT) Housing starts (Nov)
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