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AUD/USD sorcery at play?


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FXStreet (London) – AUD/USD welcomes 2015 on the slight defence, with spot down -0.04% at 0.8176 at the time of writing.

With Japan and China closed for holidays, Australia remains open, with the aussie weighed slightly by the ASX 200 which is currently down 0.25% on the day.


Looking to a daily AUD/USD chart, a rounded bottom or saucer formation could be considered by technicians. As per theory, spot has experienced a significant decline, following a ranging period, and looks to have made a curved bottom. However, these are often longer term formations, but still worthy of observation nonetheless.


Currently spot is supported by the daily 5 SMA at 0.8143, and is presently testing the resistance offered by the daily 20 SMA at 0.8176. Daily RSI has also recently climbed out of a long ranging period in oversold territory.


AUD/USD Levels


Ahead, resistance looks likely between 0.8200-0.8216 and 0.8235 (17 Dec 14 high). Below, support may be found at 0.8163 (29 Dec 14 high), 0.8122 (29Dec 14 low) and 0.8100.