AUDUSD Technical Analysis for May 29, 2013

The Aussie continues to weaken and is expected to be down more, if you can break important supports.

The AUDUSD ended to form a higher low pattern and fell from 0.9800 to 0.9588 level, where it formed a strong support. It is very possible that the AUDUSD bullish start making rebounds above this support, because in this level that the price is currently, one very strong weekly support is located that the AUDUSD could not break months ago. If the AUDUSD breaks the support at the level of 0.9588, it is expected to fall to a level at 0.9450 in the medium term. On the other hand, if the aussie breaks the resistance level at 0.9800, it is expected to return to the parity 1.0000 level. We must be very careful with this pair, because the MACD indicator is extremely oversold and neutral territory, so we might expect this pair perform rebounds above support at 0.9588 level.

Also, we must be attentive to what happens to the Australian economy now, but this week is not expected to be published many economic data in Australia.

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