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31 Aug 2015
AUD/USD holds above 0.7100
FXStreet (Córdoba) - AUD/USD has continued to slide over the last hours but it has managed to hold above the 0.7100 mark in a quiet Monday marked by month-end flows.
AUD/USD has lost more than half a cent throughout the day and bottomed out at 0.7107 in recent dealings. At time of writing, AUD/USD is trading at 0.7115, still down 0.69% on the day.
AUD/USD technical perspective
“The AUD/USD pair presents a short term bearish tone, with the price extending below its 20 SMA and the RSI indicator heading south around 34, anticipating additional declines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the downside is also favored, as the Momentum indicator turned sharply lower below the 100 level, whilst the RSI also heads south in negative territory, as the price accelerates below its 20 SMA”.
Bednarik locates next support levels at 0.7070, 0.7030 and 0.6985, while she places resistances 0.7140, 0.7190 and 0.7240.
AUD/USD has lost more than half a cent throughout the day and bottomed out at 0.7107 in recent dealings. At time of writing, AUD/USD is trading at 0.7115, still down 0.69% on the day.
AUD/USD technical perspective
“The AUD/USD pair presents a short term bearish tone, with the price extending below its 20 SMA and the RSI indicator heading south around 34, anticipating additional declines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the downside is also favored, as the Momentum indicator turned sharply lower below the 100 level, whilst the RSI also heads south in negative territory, as the price accelerates below its 20 SMA”.
Bednarik locates next support levels at 0.7070, 0.7030 and 0.6985, while she places resistances 0.7140, 0.7190 and 0.7240.