Forex: AUD/USD tumbles below 1.0500
Forex pairs in this Article »
AUD/USD
FXstreet.com (Córdoba) - The Australian dollar weakened sharply on Thursday and fell to a fresh 2-week low versus the dollar as cautious mood prevails in FX market, favoring the greenback in detriment of the currencies linked to commodities.
Having lost over 70 pips throughout the day, AUDUSD broke below the 1.0500 psychological level and 20-day SMA and recently hit its lowest since January 8 at 1.0476. At time of writing, AUDUSD is trading around 1.0480, recording a 0.6% loss on the day.
As for technical levels, on the downside immediate supports could be found at 1.0475 (intraday low), 1.0465 (Jan 7 low) and 1.0410 (100-day SMA). With hourly indicators reaching oversold levels bounces cannot be ruled out, with next resistances at 1.0500, 1.0530 (100-hour SMA) and 1.0550 (intraday high).
Having lost over 70 pips throughout the day, AUDUSD broke below the 1.0500 psychological level and 20-day SMA and recently hit its lowest since January 8 at 1.0476. At time of writing, AUDUSD is trading around 1.0480, recording a 0.6% loss on the day.
As for technical levels, on the downside immediate supports could be found at 1.0475 (intraday low), 1.0465 (Jan 7 low) and 1.0410 (100-day SMA). With hourly indicators reaching oversold levels bounces cannot be ruled out, with next resistances at 1.0500, 1.0530 (100-hour SMA) and 1.0550 (intraday high).
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