22 Aug 2013
AUD/USD breaks below 0.90 ahead of domestic data
FXstreet.com (Barcelona) - The AUD/USD foreign exchange rate is last trading at 0.8975 off recent fresh 2-week lows at 0.8960 printed following FOMC minutes, and ahead of Australian CB leading index at 00:00 GMT and more importantly China HSBC flash manufacturing PMI at 01:45 GMT.
AUD/USD in danger of becoming very bearish
According to FX Charts analyst Jim Langlands: “While I suspect the downside is probably the way forward, I would be rather flexible down here. There is a danger of the market becoming very bearish again at the lows and if we see something of a double bottom in the 0.8850/0.8900 area, we could yet see a decent bounce,” Langlands concluded. The pair is down -2.25% so far for the week, with bids reported at the 0.8950 area.
AUD/USD key technical levels
Immediate resistance to the upside for AUD/USD shows at London session lows 0.9001, followed by Tuesday's lows at 0.9026, and NY session highs at 0.9059. To the downside, closest support lies at mentioned fresh 2-week lows 0.8960, followed by August 07 lows at 0.8919, and August 06 lows at 0.8906.
AUD/USD in danger of becoming very bearish
According to FX Charts analyst Jim Langlands: “While I suspect the downside is probably the way forward, I would be rather flexible down here. There is a danger of the market becoming very bearish again at the lows and if we see something of a double bottom in the 0.8850/0.8900 area, we could yet see a decent bounce,” Langlands concluded. The pair is down -2.25% so far for the week, with bids reported at the 0.8950 area.
AUD/USD key technical levels
Immediate resistance to the upside for AUD/USD shows at London session lows 0.9001, followed by Tuesday's lows at 0.9026, and NY session highs at 0.9059. To the downside, closest support lies at mentioned fresh 2-week lows 0.8960, followed by August 07 lows at 0.8919, and August 06 lows at 0.8906.