Written By : ForexAbode.com || Sunday, 10 August 2014 02:14 GMT

AUD/USD Weekly Outlook - August 11 to 15, 2014

AUD/USD tried recovery but failed at 0.9374 and fell sharply to 0.9240 before closing for the week at 0.9277.

The fall came from the combined resistances of Kijun-line and lower edge of the daily Ichimoku cloud and 55-day EMA resistance and fueled the near-term bearish sentiments further. We had indicated resistance at 0.9367 during the last weekend and the resistance came just 7 pips above that. However, the support seen above the previous support zone of 0.9202 to 0.9228 keeps us neutral initially as long as the price action remains above 0.9202. 

On the upside resistance is expected to hold in the range of 0.9346 to 0.9374. With this resistance in place, AUD/USD will be expected to target the next support zone of 0.9209 to 0.9228. Please note that 0.9202 is just above the 38.2% retracement level of the upward gains from 0.8660 to 0.9505. This level is at 0.9182 and possibilities of completing that retracement are very much there, now.

However, if the support holds above 0.9202 then on the upside any decisive break over 0.9374 will start neutralizing the immediate bearish outlook. Such a move should target a retest of 0.9440/0.9445 resistance zone. However, we will stay neutral for the upside as long AUD/USD does not break above the psychological resistance of 0.9500, decisively.

As we have been mentioning  during previous updates, the price-action of AUD/USD has been range bound, between the psychological levels of 0.9000 and o.9500. However the lows of this range have been approximately 200 pips above 0.9000 while staying closer to 0.9500, comparatively. This fact indicates that the sentiments are mildly on bullish side and sooner or later further upward jumps cannot be ruled out. 

Analyze Yourself - Various views of AUD/USD Price-Action

AUD/USD daily chart with EMAs - August 10, 2014.

AUD/USD daily chart with MACD giving bearish signal - August 10, 2014

AUD/USD with daily Ichimoku cloud -  August 10 2014.

AUD/USD with weekly Ichimoku cloud indicating possibilities of support.

Expected retracement levels for AUD/USD - August 10, 2014

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