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16 Aug 2013
AUD/USD back below 0.9200
FXstreet.com (Edinburgh) -The adventure above 0.9200 was ephemeral after all, with the AUD/USD retreating to the current area near 0.9180.
AUD/USD finds weekly support at 0.8840/80
All in all, the pair is netting a week with marginal losses although it managed well to remain in the upper 0.9100s after bottoming out in the 0.8880/40 band, ahead of the RBA minutes due on Tuesday. Senior Technical Analyst at Commerzbank Axel Rudolph suggested the pair “once again bounced off the downtrend channel line at .9032 and still has the 55 day moving average at .9239 in view. Between it and the .9319 July high we should see failure and the resumption of the longer term bearish trend… Longer term we remain negative and our downside target is seen at 0.8550, the 50% retracement of the move up from 2008”.
AUD/USD relevant levels
The pair is up 0.14% at 0.9174 with the next hurdle at 0.9190 (high Aub.15) ahead of 0.9221 (high Aug.12) and finally 0.9227 (low Jul.26). On the flip side, a break below 0.9111 (MA21d) would expose 0.9090 (MA10d) and then 0.9058 (low Aug.15).
AUD/USD finds weekly support at 0.8840/80
All in all, the pair is netting a week with marginal losses although it managed well to remain in the upper 0.9100s after bottoming out in the 0.8880/40 band, ahead of the RBA minutes due on Tuesday. Senior Technical Analyst at Commerzbank Axel Rudolph suggested the pair “once again bounced off the downtrend channel line at .9032 and still has the 55 day moving average at .9239 in view. Between it and the .9319 July high we should see failure and the resumption of the longer term bearish trend… Longer term we remain negative and our downside target is seen at 0.8550, the 50% retracement of the move up from 2008”.
AUD/USD relevant levels
The pair is up 0.14% at 0.9174 with the next hurdle at 0.9190 (high Aub.15) ahead of 0.9221 (high Aug.12) and finally 0.9227 (low Jul.26). On the flip side, a break below 0.9111 (MA21d) would expose 0.9090 (MA10d) and then 0.9058 (low Aug.15).