AUD Cross Pairs Wait for Forex Direction – Nov 28, 2014

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AUD Cross Pairs Wait for Forex Direction - Nov 28, 2014

AUDNZD has been in a ranging forex direction between the support and resistance at 1.09094 and 1.12927 respectively since August 2014. A possibility of the continuation of the consolidation should be taken advantage of buying after the rebound from the support level. Profit-taking should be done before the near resistance level at 1.10458.

The 100-day and 200-day simple moving average of AUDNZD confirms that the currency pair has been is still in an uptrend forex direction in the long run. There is a possibility for the currency pair to rebound from the current level in pursuit of the general uptrend.

The relative strength index (RSI) of the AUDNZD four-hour chart confirms that prices have just recently recovered from an oversold level. The RSI is currently at 35.21. A breach of the 40.0 RSI level confirms the rebound of the currency pair.

AUDCAD Forex Direction

AUDCAD has been consolidating after the breakdown from the uptrend last September. A possible forex direction continuation of this consolidation should be taken advantage of by buying after a confirmation of a rebound from the support level at 0.96810. Profit-taking should be done before the resistance level at 0.98311.

The 10-day, 20-day and 50-day (orange line) simple moving average of the AUDCAD chart reveals that the currency pair has been consolidating for over a month. There is a possibility for the currency pair to continue its consolidation and retest the near resistance level. The simple moving averages can serve as a resistance level of AUDCAD.

The relative strength index (RSI) of the AUDCAD four-hour chart reveals that the currency pair is nearly overbought at 36.44 RSI level. A breach of the 40.0 RSI level confirms that the currency pair will have a forex direction rebound from the support level.

There are no major releases that might influence forex direction for Aussie pairs today, but any changes in risk sentiment or potential profit-taking might result to huge price moves before the end of the trading week.

To contact the reporter of the story: Samuel Rae at samuel@forexminute.com

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Samuel Rae is an active retail trader across a variety of assets, including currencies, stocks and commodities and the author of Diary of a Currency Trader (Harriman House). His personal strategy focuses primarily on classical technical charting patterns with a fundamentally supportive bias, combined with a strict, risk management-driven approach to entries and exits. He is an Economics graduate from Manchester University, UK.