Forex: AUD/USD downside favored – V.Bednarik
FXstreet.com (San Francisco) - The AUDUSD climbed to as high as 1.0522 overnight, yet has slipped to fresh session lows in early Asia on EURAUD short covering amid speculation about euro zone plans to save debt-stricken nations.
"The pair trades back around the 1.0470 support level, with a slightly bearish tone according to the hourly chart, as momentum heads south below 100 and price stands below 20 SMA," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "Expect further definitions either above 1.0535 or below 1.0440, with the downside still favored in the pair."
At the time of writing, AUDUSD is trading near session lows around 1.0470, with further support noted at 1.0440. Resistance levels lie at 1.0535, 1.0570 and 1.0615.
"The pair trades back around the 1.0470 support level, with a slightly bearish tone according to the hourly chart, as momentum heads south below 100 and price stands below 20 SMA," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "Expect further definitions either above 1.0535 or below 1.0440, with the downside still favored in the pair."
At the time of writing, AUDUSD is trading near session lows around 1.0470, with further support noted at 1.0440. Resistance levels lie at 1.0535, 1.0570 and 1.0615.
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