21 Jan 2014
AUD/USD remains at 0.8800; on consolidation mode
FXstreet.com (San Francisco) - The AUD/USD is trading around the 0.8800 mark for third day after bouncing at 0.8775 in the European session to be pegged to 0.8800 in the American morning.
The Aussie was on recovery mode on Monday after bottoming at 0.8755, lowest since July 2010. However, the AUD/USD's recovery was capped today on Tuesday at 0.8835.
Currently, the AUS/USD is trading at 0.8801, almost flat on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 15-minute chart. MACD, CCI and Momentum are pointing to the north while the Stochastic is neutral.
AUD/USD bias
The AUD/USD remains trading below the 100 hours MA, so "recoveries are still seen as selling opportunities, with the market holding a pretty bearish stance in the pair, eyeing 0.8500, RBA Glenn Stevens' target", said FXstreet.com chief analyst Valeria Bednarik.
Above the 100 hours MA level at 0.8810, the AUD/USD would face resistances at 0.8825 and 0.8890. On the downside, supports are at 0.8775, 0.8760 and 0.8750.
The Aussie was on recovery mode on Monday after bottoming at 0.8755, lowest since July 2010. However, the AUD/USD's recovery was capped today on Tuesday at 0.8835.
Currently, the AUS/USD is trading at 0.8801, almost flat on the day. The short term perspective is slightly bullish according to the FXstreet.com trend index in the 15-minute chart. MACD, CCI and Momentum are pointing to the north while the Stochastic is neutral.
AUD/USD bias
The AUD/USD remains trading below the 100 hours MA, so "recoveries are still seen as selling opportunities, with the market holding a pretty bearish stance in the pair, eyeing 0.8500, RBA Glenn Stevens' target", said FXstreet.com chief analyst Valeria Bednarik.
Above the 100 hours MA level at 0.8810, the AUD/USD would face resistances at 0.8825 and 0.8890. On the downside, supports are at 0.8775, 0.8760 and 0.8750.