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13 May 2013
Forex: AUD/USD extends the decline below 1.0000
FXstreet.com (Barcelona) - The bearish trend in the Aussie dollar is alive, keeping the demand for the AUD subdued and bellow the parity level on Monday.
“Prices broke support at the bottom of a multi-month range in the 1.0163-81 area, a barrier reinforced by the 38.2% Fibonacci expansion at 1.0137. Sellers are now challenging the 50% level at 0.9986, with a break below that aiming for the 61.8% Fib. at 0.9836. The 1.0137 mark has been recast as near-term resistance”, suggested I.Spivak, Currency Strategist at DailyFX.
As of writing, AUD/USD is losing 0.31% at 0.9970 with the next support at 0.9922 (low Jun.14 2012) ahead of 0.9850 (low Jun.12 2012) and then 0.9827 (76.4% of 0.9581-1.0625).
On the upside, a break above 1.0015 (hourly highs May 13) would expose 1.0055 (hourly high/lows May 10) and finally 1.0096 (high May 10).
“Prices broke support at the bottom of a multi-month range in the 1.0163-81 area, a barrier reinforced by the 38.2% Fibonacci expansion at 1.0137. Sellers are now challenging the 50% level at 0.9986, with a break below that aiming for the 61.8% Fib. at 0.9836. The 1.0137 mark has been recast as near-term resistance”, suggested I.Spivak, Currency Strategist at DailyFX.
As of writing, AUD/USD is losing 0.31% at 0.9970 with the next support at 0.9922 (low Jun.14 2012) ahead of 0.9850 (low Jun.12 2012) and then 0.9827 (76.4% of 0.9581-1.0625).
On the upside, a break above 1.0015 (hourly highs May 13) would expose 1.0055 (hourly high/lows May 10) and finally 1.0096 (high May 10).