23 Oct 2013
AUD/USD erases weekly gains
FXstreet.com (Córdoba) - The AUD/USD came under pressure Wednesday and erased previous weekly gains as concerns over tighter Chinese monetary policy and fears of a new wave of defaults in China's banks triggered a correction in the risk currencies.
AUD/USD drops over 130 pips from highs
The AUD/USD, which reached a fresh 4-month high of 0.9757 above the 200-day SMA after stronger than expected domestic inflation data, plunged to a low of 0.9620 before finding support. The pair is currently trading at the 0.9635 zone, recording a 0.7% loss on the day.
AUD/USD technical levels
In terms of technical levels, if AUD/USD breaks below 0.9620 (daily low) it could fall toward 0.9600 (psychological level) and then to 0.9575 (10-day SMA). On the other hand, short-term resistances are seen at 0.9730 (Oct 22 high), 0.9747 (200-day SMA) and 0.9757 (daily high).
AUD/USD drops over 130 pips from highs
The AUD/USD, which reached a fresh 4-month high of 0.9757 above the 200-day SMA after stronger than expected domestic inflation data, plunged to a low of 0.9620 before finding support. The pair is currently trading at the 0.9635 zone, recording a 0.7% loss on the day.
AUD/USD technical levels
In terms of technical levels, if AUD/USD breaks below 0.9620 (daily low) it could fall toward 0.9600 (psychological level) and then to 0.9575 (10-day SMA). On the other hand, short-term resistances are seen at 0.9730 (Oct 22 high), 0.9747 (200-day SMA) and 0.9757 (daily high).