Back
12 Jul 2013
AUD/USD breaking lower
FXstreet.com (Barcelona) - Having peaked at 0.9188 overnight, AUD/USD has steadily sold off through the European session and has just posted a fresh daily low.
The pair, currently trading at 0.9111, looks to have found some support following the acceleration of its decline this morning and short term sentiment looks to have been lead by the fractionally softer than expected EU Industrial Production numbers which registered at -0.3% against forecasts of -0.2%. Looking back to Wedneday´s 213 pip FOMC led rocket, AUD/USD at 0.9111 is close to a 100% retracement, should it reach 0.9092.
AUD/USD heading to near term oversold?
Hourly oscillators show the pair heading toward oversold territory, with Stochastics at 17 and RSI at 34 and both moving with a downward bias. Danske Bank strategist see the pair as a possible sell, but are uncommitted at the moment. They see support at 0.9120, 0.9083 and 0.9036, with reistance above at 0.9164, 0.9226 and 0.9275. The FXstreet.com Trend Index shows the pair as being slightly bearish
The pair, currently trading at 0.9111, looks to have found some support following the acceleration of its decline this morning and short term sentiment looks to have been lead by the fractionally softer than expected EU Industrial Production numbers which registered at -0.3% against forecasts of -0.2%. Looking back to Wedneday´s 213 pip FOMC led rocket, AUD/USD at 0.9111 is close to a 100% retracement, should it reach 0.9092.
AUD/USD heading to near term oversold?
Hourly oscillators show the pair heading toward oversold territory, with Stochastics at 17 and RSI at 34 and both moving with a downward bias. Danske Bank strategist see the pair as a possible sell, but are uncommitted at the moment. They see support at 0.9120, 0.9083 and 0.9036, with reistance above at 0.9164, 0.9226 and 0.9275. The FXstreet.com Trend Index shows the pair as being slightly bearish