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2 Aug 2013
AUD/USD advances beyond 0.8900
FXstreet.com (Edinburgh) -The Aussie dollar managed to leave overnight lows around 0.8890, lifting the AUD/USD back to regain the 0.8900 handle on Friday although still in the negative territory.
AUD/USD bearish outlook intact
The pair is retreating for the fifth consecutive session on Friday so far, erasing gains from the previous two weeks and back to fresh multi-year lows below 0.8900 the figure. Negative week for the pair, as mixed data from China, a more dovish stance from Governor Stevens and the recent dollar rally have all plotted to drag the AUD lower. Next big event for the Aussie will be next week’s RBA meeting where the chances of another rate cut have grown bigger recently.
AUD/USD key levels
The pair is now losing 0.10% at 0.8917 with the immediate support at 0.8907 (low Aug.1) ahead of 0.8860 (low Aug.31 2010) and finally 0.8846 (low Aug.27 2010). On the upside, a break above 0.8994 (high Aug.1) would bring 0.9047 (high Jul.31) and then 0.9100 (high Jul.30).
AUD/USD bearish outlook intact
The pair is retreating for the fifth consecutive session on Friday so far, erasing gains from the previous two weeks and back to fresh multi-year lows below 0.8900 the figure. Negative week for the pair, as mixed data from China, a more dovish stance from Governor Stevens and the recent dollar rally have all plotted to drag the AUD lower. Next big event for the Aussie will be next week’s RBA meeting where the chances of another rate cut have grown bigger recently.
AUD/USD key levels
The pair is now losing 0.10% at 0.8917 with the immediate support at 0.8907 (low Aug.1) ahead of 0.8860 (low Aug.31 2010) and finally 0.8846 (low Aug.27 2010). On the upside, a break above 0.8994 (high Aug.1) would bring 0.9047 (high Jul.31) and then 0.9100 (high Jul.30).