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9 Sep 2014
AUD/USD breaks below 0.9200
FXStreet (San Francisco) - The Aussie is trading at lows since March 26 at 0.9185 after collapsing around 100 pips from 0.9285 and stops were triggered below 0.9250 in the American session.
The pair bounced at 0.9185 and now the AUD/USD is trading at 0.9206, down 0.81% on the day, having posted a daily high at 0.9291 and low at 0.9188. The hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.
AUD/USD levels
"Aussie's performance in recent weeks has been nothing short of spectacular," Jamie Coleman from FXBeat comments. "Usually it takes an easily identifiable catalyst like a rate cut, or some unexpected event to launch a reversal like we've seen. It is rare to see a trade unwind as spectacularly as this one. I'd treat the price action as an outlier."
If the pair consolidates levels below the 0.9200 area, it will face next supports at 0.9170 and 0.9130. On the upside, 0.9250, 0.9290 and 0.9330 are resistances.
The pair bounced at 0.9185 and now the AUD/USD is trading at 0.9206, down 0.81% on the day, having posted a daily high at 0.9291 and low at 0.9188. The hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.
AUD/USD levels
"Aussie's performance in recent weeks has been nothing short of spectacular," Jamie Coleman from FXBeat comments. "Usually it takes an easily identifiable catalyst like a rate cut, or some unexpected event to launch a reversal like we've seen. It is rare to see a trade unwind as spectacularly as this one. I'd treat the price action as an outlier."
If the pair consolidates levels below the 0.9200 area, it will face next supports at 0.9170 and 0.9130. On the upside, 0.9250, 0.9290 and 0.9330 are resistances.