15 Jan 2014
AUD/USD falls below 0.8900
FXstreet.com (Córdoba) - The Australian dollar extended its decline Wednesday, with the AUD/USD having lost another cent over the last 24 hours and broken below the 0.8900 mark most recently.
Soft Chinese data and lower gold prices weighed on the Aussie and put it on track to test its pre-NFP levels. The AUD/USD dropped to a low of 0.8887, retracing completely Jan 10 & 13 rally, and it is currently trading at the 0.8895 zone, recording a 0.8% loss on the day.
AUD/USD technical outlook
"Australian Dollar is still forming descending wave; main target is at 0.8400", said Igor Sayadov, analyst at RoboForex. "We think, today price may fall down towards level of 0.8700 and form consolidation channel to continue moving downwards".
In terms of technical levels, if the AUD/USD falls below 0.8887 (Jan 15 low), next supports are seen at 0.8864 (Jan 9 low) and 0.8842 (Jan 2 low). On the other hand, resistances could be found at 0.8945 (10-day SMA), 0.8970 (Jan 15 high) and 0.9000 (psychological level).
Soft Chinese data and lower gold prices weighed on the Aussie and put it on track to test its pre-NFP levels. The AUD/USD dropped to a low of 0.8887, retracing completely Jan 10 & 13 rally, and it is currently trading at the 0.8895 zone, recording a 0.8% loss on the day.
AUD/USD technical outlook
"Australian Dollar is still forming descending wave; main target is at 0.8400", said Igor Sayadov, analyst at RoboForex. "We think, today price may fall down towards level of 0.8700 and form consolidation channel to continue moving downwards".
In terms of technical levels, if the AUD/USD falls below 0.8887 (Jan 15 low), next supports are seen at 0.8864 (Jan 9 low) and 0.8842 (Jan 2 low). On the other hand, resistances could be found at 0.8945 (10-day SMA), 0.8970 (Jan 15 high) and 0.9000 (psychological level).