Forex: AUD/USD holds above 1.0240 support
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AUD/USD
FXstreet.com (Córdoba) - The Australian dollar came under pressure on Monday and gave back part of gains accomplished last week as fears about Spain and Greece triggered risk aversion.
AUDUSD fell below the 1.0300 mark during the European trade and hit a nearly 1-week low of 1.0242 where the 23.6% retracement of the 0.9579/1.0443 rally offered support. At time of writing, AUDUSD is quoting at the 1.0260 zone, still down 1.1% on the day.
"The 4H chart shows that the next support could be near the 1.0180 area, where the market would likely come up against a rising trendline from a recent channel, that started towards the end of June", said Fan Yang, analyst at FXTimes. "Below that the 1.0150 area is also a support pivot".
"Also note that if we get a pullback in the 7/23 US session, we should look out for resistance just under 1.0330, where we had resistance during the beginning of July", the analyst said.
AUDUSD fell below the 1.0300 mark during the European trade and hit a nearly 1-week low of 1.0242 where the 23.6% retracement of the 0.9579/1.0443 rally offered support. At time of writing, AUDUSD is quoting at the 1.0260 zone, still down 1.1% on the day.
"The 4H chart shows that the next support could be near the 1.0180 area, where the market would likely come up against a rising trendline from a recent channel, that started towards the end of June", said Fan Yang, analyst at FXTimes. "Below that the 1.0150 area is also a support pivot".
"Also note that if we get a pullback in the 7/23 US session, we should look out for resistance just under 1.0330, where we had resistance during the beginning of July", the analyst said.
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