AUD/USD: Weekly Technical Analysis for March 23-28, 2014

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Weekly bias in the AUD/USD remains neutral after the greenback gained strength on speculations that the Central bank of U.S could begin to raise interest rates about six months after its bond-buying program winds up, which is expected to happen this fall.


The Fed also reduced its monthly bond purchases by an additional $10 billion to $55 billion at the conclusion of its two-day policy meeting, and said there was “underlying strength in the broader economy.”


However, the pair made a decent pull back giving the Australian dollar strength during Friday’s trading session in the previous week. The 4hours time-frame shows that the bulls are still in control as 21/55 EMA, Stochastic, RSI and MACD are still showing signs of bullish strength in the pair.


A break of resistance 0.91366 would see further rise to 0.92100 (50.0 Fibonacci retracement from 0.97544 to 0.86592). However a break of support 0.89943 could dampen the bullish trend in the pair and bring a minor decline to 0.89234 support.


Key economic indicators to watch out for in the U.S economy this coming week is the New Home Sales and CB Consumer Confidence respectively.


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