7 Apr 2014
AUD/USD under pressure
FXStreet (Córdoba) - After repeated failure to take the 0.9300 level, the AUD/USD turned south and accelerated losses to fresh daily lows, extending correction from post-NFP highs.
The AUD/USD broke below 0.9270 and slid to a low of 0.9253 before finding support at the beginning of the New York session. At time of writing, the Aussie is trading at 0.9260, 0.2% below its opening price.
AUD/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that the AUD/USD holds a strong bearish momentum in 1-hour charts, pointing for a retest of the base of its latest range around 0.9215. "In the 4 hours chart price stands right above its 20 SMA while indicators turn south still above their midlines, suggesting the movement may not have the strength enough to break lower", Bednarik said. "Overall the bullish trend prevails in the longer term, and seems attempting a buy on approaches to mentioned support may be the way to play the pair".
The AUD/USD broke below 0.9270 and slid to a low of 0.9253 before finding support at the beginning of the New York session. At time of writing, the Aussie is trading at 0.9260, 0.2% below its opening price.
AUD/USD technical outlook
Valeria Bednarik, chief analyst at FXStreet notes that the AUD/USD holds a strong bearish momentum in 1-hour charts, pointing for a retest of the base of its latest range around 0.9215. "In the 4 hours chart price stands right above its 20 SMA while indicators turn south still above their midlines, suggesting the movement may not have the strength enough to break lower", Bednarik said. "Overall the bullish trend prevails in the longer term, and seems attempting a buy on approaches to mentioned support may be the way to play the pair".