24 Jan 2014
AUD/USD consolidates below 0.8800
FXstreet.com (Córdoba) - The AUD/USD remains steady in Asia consolidating below 0.8800 after posting the lowest daily close since August 2010. During the American session the pair bounced from fresh multi-year lows at 0.8731 and recovered ground, but if found resistance at 0.8775.
Recently the pair tested 0.8775 but failed to break higher and continues move in a consolidation mode, with short-term support at 0.8745. Jim Langlands from FX Charts, regarding the perspective for the coming hours affirms: “A return to the topside will find sellers at 0.8800 and then at 0.8820 and 0.8840. That looks unlikely today and in the absence of any data it could be a choppy session, driven largely by the equity markets”.
Yesterday the AUD/USD erased weekly gains and pulled back, falling below the price it had at the beginning of the week, reflecting an ongoing bearish pressure.
Recently the pair tested 0.8775 but failed to break higher and continues move in a consolidation mode, with short-term support at 0.8745. Jim Langlands from FX Charts, regarding the perspective for the coming hours affirms: “A return to the topside will find sellers at 0.8800 and then at 0.8820 and 0.8840. That looks unlikely today and in the absence of any data it could be a choppy session, driven largely by the equity markets”.
Yesterday the AUD/USD erased weekly gains and pulled back, falling below the price it had at the beginning of the week, reflecting an ongoing bearish pressure.