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7 Jan 2014
AUD/USD finds support ahead of 0.8900
FXstreet.com (Córdoba) - The AUD/USD came under renewed pressure Tuesday and dropped to a 4-day low as risk sentiment remained on the soft side.
The AUD/USD lost more than 50 pips throughout the day, despite upbeat Australian trade data, and hit a low of 0.8910 before finding support and bouncing during the European session. The pair is currently trading at the 0.8925 area, still 0.4% below its opening price.
"The Aussie has essentially consolidated in 8800-9000 range for the past several weeks, but remains vulnerable to further selloffs if the economic data from Down Under continues to show signs of a slowdown", said Boris Schlossberg, analyst at BK Asset Management.
AUD/USD technical levels
In terms of technical levels, the AUD/USD could face immediate resistances at 0.8935 (100-hour SMA), 0.8971 (daily high) and 0.9000 (psychological level). On the flip side, supports are seen at 0.8910 (daily low), 0.8900 (psychological level) and 0.8884 (Jan 3 low).
The AUD/USD lost more than 50 pips throughout the day, despite upbeat Australian trade data, and hit a low of 0.8910 before finding support and bouncing during the European session. The pair is currently trading at the 0.8925 area, still 0.4% below its opening price.
"The Aussie has essentially consolidated in 8800-9000 range for the past several weeks, but remains vulnerable to further selloffs if the economic data from Down Under continues to show signs of a slowdown", said Boris Schlossberg, analyst at BK Asset Management.
AUD/USD technical levels
In terms of technical levels, the AUD/USD could face immediate resistances at 0.8935 (100-hour SMA), 0.8971 (daily high) and 0.9000 (psychological level). On the flip side, supports are seen at 0.8910 (daily low), 0.8900 (psychological level) and 0.8884 (Jan 3 low).