AUD/USD heavily offered clearing way for lower

FXStreet (Guatemala) - AUD/USD is trading at 0.9245, down -0.89% on the day, having posted a daily high at 0.9337 and low at 0.9241.

Karen Jones, chief analyst at Commerzbank explained that the AUD/USD is deceivingly lower after failing to break up through the mid May high at 0.9410. It has sold off further down through the 2014 support line at 0.9296 and is threatening near term risk is for a slide back to 0.9200/03, where Karen Jones, chief analyst at Commerzbank said it should stabilise. “Only a daily close above the current May high at 0.9409 will push the 0.9460 April high back to the fore and longer term put a rise towards the 0.9758 October 2013 high back on the map”.

AUD/USD Levels

Current price is 0.9248, with resistance ahead at 0.9255 (Monthly Low), 0.9258 (Daily Classic S3), 0.9281 (Weekly Classic S2), 0.9281 (Hourly 20 EMA) and 0.9291 (Daily Classic S2). Next support to the downside can be found at 0.9241 (Daily Low), 0.9236 (Weekly Classic S3), 0.9170 (Daily 200 SMA), 0.9092 (Daily 100 SMA) and 0.8698 (Annual Low).

AUD/USD chart formations

Looking at price patterns, we can see a Doji 4-hour candlestick formation.