Forex: AUD/USD recovers ground, turns flat
Forex pairs in this Article »
AUD/USD
FXstreet.com (Córdoba) - The Australian dollar managed to trim intraday losses during the American session, although as many crosses in the FX market, AUDUSD entered in a consolidation phase on Monday and has spent most of the day in a slim range.
After bottoming out at 1.0525, AUDUSD managed to stage a mild bounce that was capped by the 1.0550/55 zone in recent dealings. At time of writing, AUDUSD is quoting at the 1.0545 area, little changed since opening.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com argues that the pair holds a bearish tone. "Steady gains above 1.0570 however, will deny the possibility of more slides and support and advance towards 1.0620, while losses below 1.0510 will open doors for a bearish movement towards 1.0460 price zone", the analyst commented.
After bottoming out at 1.0525, AUDUSD managed to stage a mild bounce that was capped by the 1.0550/55 zone in recent dealings. At time of writing, AUDUSD is quoting at the 1.0545 area, little changed since opening.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com argues that the pair holds a bearish tone. "Steady gains above 1.0570 however, will deny the possibility of more slides and support and advance towards 1.0620, while losses below 1.0510 will open doors for a bearish movement towards 1.0460 price zone", the analyst commented.
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