AUDUSD Technical Analysis for July 02, 2013

The Aussie continues to fall and its bearish trend continues to strengthen with the passage of time and the start of the new semester.

AUDUSD is forming a higher low pattern over the support at the level of 0.9117. In yesterday’s session, the pair made ​​a bullish rebound at the support and this is approaching to the resistance at the 0.9304 level. If the aussie manages to break this resistance, it is expected to rise to the level of 0.9652. On the other hand, if the AUDUSD managed to break the support at the 0.9117 level, it is expected to fall to 0.9000 level, because it has lots of space to keep falling and while AUDUSD stays below the moving average 200, the overall outlook for the pair remains bearish.

The MACD indicator is moving into positive territory and this is normal due to the consolidation Movements has been making this pair, thanks to the extreme oversold which has been presenting the pair in recent weeks.

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