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11 Dec 2014
AUD/USD downside consolidating ahead of key supports
FXStreet (Barcelona) - AUD/USD is trading at 0.8261, down -0.79% on the day, having posted a daily high at 0.8378 and low at 0.8215.
AUD/USD is consolidated with a bearish bias post dropping through the 0.8300 level and the broad based rally in the greenback on the back of the ECB injecting less than what had been expected into the economy. This coupled with the better than expected retail sales and initial jobless claims and better US yields is keeping the Aussie on the back-foot.
Should the downside prevail, below lies the 200 quarter ma at 0.8149 and the 0.8068 2010 low, as noted by Karen Jones, chief analyst at Commerzbank. “We have a long term double Fib support at 0.7950/30. These are 3 major levels of support for the market and we are not surprised to an attempt to recover”.
AUD/USD is consolidated with a bearish bias post dropping through the 0.8300 level and the broad based rally in the greenback on the back of the ECB injecting less than what had been expected into the economy. This coupled with the better than expected retail sales and initial jobless claims and better US yields is keeping the Aussie on the back-foot.
Should the downside prevail, below lies the 200 quarter ma at 0.8149 and the 0.8068 2010 low, as noted by Karen Jones, chief analyst at Commerzbank. “We have a long term double Fib support at 0.7950/30. These are 3 major levels of support for the market and we are not surprised to an attempt to recover”.