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31 Jul 2014
AUD/USD consolidates below 0.9300
FXStreet (Córdoba) - The AUD/USD entered a quieter phase Thursday after breaking below the 0.9300 level, yet it stretched to post a fresh 8-week low following a series of US data and a negative opening in Wall Street.
However, a disappointing reading of Chicago PMI tempered greenback gains and gave the AUD/USD a mild boost. The AUD/USD touched a low of 0.9278, last seen June 5, and then bounced to the 0.9295 area, where it is trading 0.35% below its opening price.
AUD/USD technical outlook
“The AUD/USD accelerated below 0.9300 and quickly approaches 0.9260 strong midterm support. Not expecting a break below it at least in the short term, risk will come from US employment figures on Friday, as if they boost the greenback, the pair may end the week sub 0.9200”, said Valeria Bednarik, chief analyst at FXStreet. “Technically, both 1 and 4 hours chart shows price below bearish 20 SMAs and indicators heading south in oversold territory, supporting the fundamental picture”.
Bednarik locates next support levels at 0.9260, 0.9220 and 0.9175, while she sees resistances at 0.9300, 0.9330 and 0.9370.
However, a disappointing reading of Chicago PMI tempered greenback gains and gave the AUD/USD a mild boost. The AUD/USD touched a low of 0.9278, last seen June 5, and then bounced to the 0.9295 area, where it is trading 0.35% below its opening price.
AUD/USD technical outlook
“The AUD/USD accelerated below 0.9300 and quickly approaches 0.9260 strong midterm support. Not expecting a break below it at least in the short term, risk will come from US employment figures on Friday, as if they boost the greenback, the pair may end the week sub 0.9200”, said Valeria Bednarik, chief analyst at FXStreet. “Technically, both 1 and 4 hours chart shows price below bearish 20 SMAs and indicators heading south in oversold territory, supporting the fundamental picture”.
Bednarik locates next support levels at 0.9260, 0.9220 and 0.9175, while she sees resistances at 0.9300, 0.9330 and 0.9370.