Back
16 Apr 2013
Forex: AUD/USD breaks below 1.0350 on its biggest single day fall since Nov 2011
FXstreet.com (Barcelona) - AUD/USD is last at 1.0338, off recent fresh 1-month lows at 1.0290, following massive sell-off in commodities such as Gold, and bombing attacks in Boston. The pair suffered its biggest single day decline since early Nov 2011, now down -1.57% for the week so far, 2 hours away from RBA meeting minutes, when market will try to find any hint for further rate cuts ahead.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “Extremely oversold according to the hourly chart, current recovery may extend up to 1.0380 where further definitions will be seen as if price manages to regain the level, then bulls will likely regain control and push the pair higher towards 1.0440,” the analyst said, adding: “Failure to overcome 1.0380 area on the other hand, will signal further slides for the pair, with 1.260 strong midterm support level then at sight.”
Valeria finds support levels at: 1.0290, 1.0260 and 1.0220, while resistance levels at: 1.0380, 1.0440 and 1.0470.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “Extremely oversold according to the hourly chart, current recovery may extend up to 1.0380 where further definitions will be seen as if price manages to regain the level, then bulls will likely regain control and push the pair higher towards 1.0440,” the analyst said, adding: “Failure to overcome 1.0380 area on the other hand, will signal further slides for the pair, with 1.260 strong midterm support level then at sight.”
Valeria finds support levels at: 1.0290, 1.0260 and 1.0220, while resistance levels at: 1.0380, 1.0440 and 1.0470.