22 Aug 2013
AUD/USD capped below 0.90 despite better HSBC PMI China
FXstreet.com (Barcelona) - The AUD/USD foreign exchange rate is last trading at 0.8980 bids, off recent session highs at 0.9014 printed on the back of better than expected China HSBC flash manufacturing PMI for August at 50.1 coming from a previous lecture of 47.7 for the month of July.
AUD/USD stance continues to favor more downside
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the AUD/USD still maintains “the strong bearish tone seen on previous updates: the hourly chart shows price was unable to overcome a bearish 20 SMA, while indicators reached their midlines from oversold readings and turn now south. In the 4 hours chart indicators lose the bearish potential seen on previous updates, but the technical stance continues to favor the downside, with a congestion zone from early August around 0.8920 as next possible bearish target.”
AUD/USD key technical levels
Bednarik finds support levels at: 0.8990, 0.8955 and 0.8920, while resistance levels at: 0.9050, 0.9080 and 0.9120.
AUD/USD stance continues to favor more downside
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the AUD/USD still maintains “the strong bearish tone seen on previous updates: the hourly chart shows price was unable to overcome a bearish 20 SMA, while indicators reached their midlines from oversold readings and turn now south. In the 4 hours chart indicators lose the bearish potential seen on previous updates, but the technical stance continues to favor the downside, with a congestion zone from early August around 0.8920 as next possible bearish target.”
AUD/USD key technical levels
Bednarik finds support levels at: 0.8990, 0.8955 and 0.8920, while resistance levels at: 0.9050, 0.9080 and 0.9120.