Forex: AUD/USD poised for more slides?
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AUD/USD
FXstreet.com (San Francisco) - AUDUSD is consolidating sharp losses made overnight Friday, holding around 1.0434 after the Tokyo fix as it trades a tight intraday range between 1.0410 and 1.0437.
Last week's drop in Aussie came on speculation of more RBA rate cuts, as the central bank noted that a strong AUD could be dangerous for the economic recovery, weighing heavily on AUDUSD.
From Valeria Bednarik, Chief Analyst at FXstreet.com: "In the 4 hours chart the pair points for more slides, with momentum heading south below 100 and 20 SMA gaining bearish slope, suggesting a break below 1.0400 immediate support, will lead to a test of 1.0360 area, 61.8% retracement of this year fall."
Last week's drop in Aussie came on speculation of more RBA rate cuts, as the central bank noted that a strong AUD could be dangerous for the economic recovery, weighing heavily on AUDUSD.
From Valeria Bednarik, Chief Analyst at FXstreet.com: "In the 4 hours chart the pair points for more slides, with momentum heading south below 100 and 20 SMA gaining bearish slope, suggesting a break below 1.0400 immediate support, will lead to a test of 1.0360 area, 61.8% retracement of this year fall."
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