12 Nov 2013
AUD/USD at 6-week lows
FXstreet.com (Córdoba) - The Australian dollar failed to benefit from a weaker greenback and AUD/USD remained pretty steady near 6-week lows during the latest wave of USD selling.
The AUD/USD bottomed out at 0.9311 and with the subsequent bounce being capped by the 0.9330 zone, the pair was confined to a phase of consolidation during the New York session. At time of writing, AUD/USD is trading at the 0.9315 zone, still 0.5% below its opening price. The AUD remains under pressure weighed by reports China could cut its growth target to 7% for next year and soft Australian confidence data.
AUD/USD levels to watch
In terms of technical levels, if AUD/USD breaks below 0.9310, it could fall towards 0.9300 (psychological level) en route to 0.9265 (100-day SMA). On the flip side, resistances could be found at 0.9330 (20-hour SMA) and 0.9367 (daily high).
The AUD/USD bottomed out at 0.9311 and with the subsequent bounce being capped by the 0.9330 zone, the pair was confined to a phase of consolidation during the New York session. At time of writing, AUD/USD is trading at the 0.9315 zone, still 0.5% below its opening price. The AUD remains under pressure weighed by reports China could cut its growth target to 7% for next year and soft Australian confidence data.
AUD/USD levels to watch
In terms of technical levels, if AUD/USD breaks below 0.9310, it could fall towards 0.9300 (psychological level) en route to 0.9265 (100-day SMA). On the flip side, resistances could be found at 0.9330 (20-hour SMA) and 0.9367 (daily high).