It's early stages but I'm seeing evidence of a pullback higher - 0.9312-35 possible
Resistance: 0.9226-32 0.9255-60 0.9284 0.9312
Support: 0.9189 0.9162 0.9146 0.9114-32
MAIN ANALYSIS: Losses continued to be very firm and direct to reach 0.9162. I am beginning to see price edging above the hourly Price Equilibrium Cloud, and also a potential double bottom with a break level at 0.9232. If this is seen, while we shall need to take care of any corrections it should send price back higher to the 0.9312 corrective high at a minimum. There is also a possible retracement level around 0.9335. Look for possible bearish reversal indications in this area. Also note next resistance at 0.9350-55 and 0.9380.
COUNTER ANALYSIS: Directly below 0.9162 would risk further losses to 0.9132 minimum but I suspect as much as 0.9114. Deeper levels are at 0.9060-79, which I feel should be the lowest we see.
MEDIUM TERM ANALYSIS:
21st June: The drop continued to be doggedly direct and at 0.9162 seemsm to have potential for a minor pullback to 0.9312-40 but will still then see losses back to 0.9162 and down to 0.9114 minimum, and potentially 0.9060-79. I feel this lower area, as long as we remain with a daily bullish divergence and accompanied by hourly and 4-hour divergences, could provide the final low.
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AUD/USD: A Possible Retracement Level Around 0.9335
Published 06/21/2013, 03:38 AM
Updated 07/09/2023, 06:31 AM
AUD/USD: A Possible Retracement Level Around 0.9335
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