Forex: AUD/USD bounces from lows
Forex pairs in this Article »
AUD/USD
FXstreet.com (Córdoba) - The greenback extended gains versus most competitors on Friday, and dragged AUDUSD below 1.0400, underpinned by yesterday's FOMC minutes and expectations of strong US nonfarm payrolls later today.
AUDUSD lost over 130 pips within the last sessions and recently hit a 2-day low of 1.0394 before bouncing slightly. At time of writing, AUDUSD is trading at the 1.0415 area, still down 0.5% on the day.
From a technical view, the Kshitij Consultancy Services Team notes that the Aussie has dipped further in its 1.0530-350 range. "With the dollar strengthening we expect the pair to weaken further towards the lower end of the range", they say. "Going forward the longer term remains a bit unclear and it is advised to stay out of the markets till a clearer move is observed. The weekly chart has also started to look a bit weak and we can see it relatively weaker than other currencies".
AUDUSD lost over 130 pips within the last sessions and recently hit a 2-day low of 1.0394 before bouncing slightly. At time of writing, AUDUSD is trading at the 1.0415 area, still down 0.5% on the day.
From a technical view, the Kshitij Consultancy Services Team notes that the Aussie has dipped further in its 1.0530-350 range. "With the dollar strengthening we expect the pair to weaken further towards the lower end of the range", they say. "Going forward the longer term remains a bit unclear and it is advised to stay out of the markets till a clearer move is observed. The weekly chart has also started to look a bit weak and we can see it relatively weaker than other currencies".
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