29 Aug 2013
AUD/USD consolidates in a range
FXstreet.com (Córdoba) - The AUD/USD has spent most of the day in a quite slim range, taking a breather from pressure faced this week in the wake of risk aversion. As sentiment improves, so does the Aussie.
AUD/USD treading water
However, the latest recovery attempt as capped by the 0.8980 area, confining AUD/USD to a phase of consolidation, with the 0.8915 area containing the downside. AUD/USD slipped toward the bottom-end of its recent range after US GDP revision came in stronger-than-expected and it is presently trading around 0.8930, only a few pips below its opening price.
AUD/USD looking bearish
“With a daily low around 0.8910, the pair needs to extend its slide below it to confirm more falls today, still eyeing 0.8846 low”, says Valeria Bednarik, chief analyst at FXstreet.com. “Recoveries up to 0.90 should remain as selling opportunities”.
AUD/USD treading water
However, the latest recovery attempt as capped by the 0.8980 area, confining AUD/USD to a phase of consolidation, with the 0.8915 area containing the downside. AUD/USD slipped toward the bottom-end of its recent range after US GDP revision came in stronger-than-expected and it is presently trading around 0.8930, only a few pips below its opening price.
AUD/USD looking bearish
“With a daily low around 0.8910, the pair needs to extend its slide below it to confirm more falls today, still eyeing 0.8846 low”, says Valeria Bednarik, chief analyst at FXstreet.com. “Recoveries up to 0.90 should remain as selling opportunities”.