Forex: AUD/USD breaks below 1.0450; Still strongest currency among majors
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AUD/USD
FXstreet.com (Barcelona) - AUDUSD is currently trading at 1.0432, off fresh session lows at 1.0420, falling all the way from yesterday's highs at 1.0528, where "has formed a cycle top on 4-hour chart," notes Franco Shao at ForexCycle.com. "Additional declines are anticipated towards support via the 1.0403 figure," says FXstreet.com Independent Analyst Richard Lee.
The pair is still a +0.49% higher year to date, while "Key support is at 1.0344," Franco adds: "as long as this level holds, the fall could be treated as correction of the uptrend from 1.0344," the analyst concludes. "On the downside, a breakdown below 1.0344 will signal resumption of the downtrend from 1.0585, then further decline to 1.0200 area to complete the downward movement could be expected."
Immediate support to the downside for AUDUSD lies at recent session lows 1.0420, followed by Monday's highs at 1.0409, and Dec 03 lows at 1.0388. To the upside, nearest term resistance shows at Dec 20 lows 1.0460, followed by Nov 07 highs at 1.0480, and Dec 27 highs at 1.0490.
The pair is still a +0.49% higher year to date, while "Key support is at 1.0344," Franco adds: "as long as this level holds, the fall could be treated as correction of the uptrend from 1.0344," the analyst concludes. "On the downside, a breakdown below 1.0344 will signal resumption of the downtrend from 1.0585, then further decline to 1.0200 area to complete the downward movement could be expected."
Immediate support to the downside for AUDUSD lies at recent session lows 1.0420, followed by Monday's highs at 1.0409, and Dec 03 lows at 1.0388. To the upside, nearest term resistance shows at Dec 20 lows 1.0460, followed by Nov 07 highs at 1.0480, and Dec 27 highs at 1.0490.
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