29 Jan 2015
AUD/USD fast approaching 200-month average
FXStreet (Mumbai) - The AUD/USD pair fell below 0.79 levels today after the latest Federal Reserve statement did little to change investor expectation regarding the timing of interest rate hike in the US.
Sliding towards 200-month average
As per Commerzbank Technical research note, the AUD/USD faced rejection at 0.8035 levels (5th Jan low) and is likely to extend losses towards the 200-month average at 0.7781 levels.
The Aussie has also come under pressure today as most of the commodity prices continue to weaken. Moreover, the growing divergence between the Federal Reserve and the Reserve Bank of Australia is likely to deepen losses in the AUD/USD pair. The Australian markets bucked the global downtrend in the stock today, finishing higher for the fifth consecutive session as investors gear up for another interest rate cut.
AUD/USD Technical Levels
The pair has an immediate support located at 0.7857, under which it could test 0.78 levels. On the flip side, a rise above 0.7897 (5-DMA), shall open doors for a re-test of 0.7932 levels.
Sliding towards 200-month average
As per Commerzbank Technical research note, the AUD/USD faced rejection at 0.8035 levels (5th Jan low) and is likely to extend losses towards the 200-month average at 0.7781 levels.
The Aussie has also come under pressure today as most of the commodity prices continue to weaken. Moreover, the growing divergence between the Federal Reserve and the Reserve Bank of Australia is likely to deepen losses in the AUD/USD pair. The Australian markets bucked the global downtrend in the stock today, finishing higher for the fifth consecutive session as investors gear up for another interest rate cut.
AUD/USD Technical Levels
The pair has an immediate support located at 0.7857, under which it could test 0.78 levels. On the flip side, a rise above 0.7897 (5-DMA), shall open doors for a re-test of 0.7932 levels.