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27 Feb 2015
AUD/USD suffering below 0.7930 downtrend
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7825 with a high of 0.7835 and a low of 0.7776.
AUD/USD is making a steady come back post the losses from above the 0.79 handle. However, continued failures at the 0.7930 downtrend, means that the resumption of downside pressure will likely play out. There is some to go yet in any case, with 0.7840 being the next key resistance to overcome on a continuation of the minor recovery.
Technically, Karen Jones, chief analyst at Commerzbank explained that failures of the 0.7940 downtrend are likely to see a slide back to the 0.7740 initial support ahead of 0.7627 the February low. "Below 0.7597 we have very little support apart from the 0.7335, 50% retracement of the move up from 2001." She added, "Above the downtrend would introduce scope to the .8034 7th January low. The market recently again held over the base of the 2013-2015 down channel at 0.7597. A close above .8035 is needed to alleviate downside pressure."
AUD/USD is making a steady come back post the losses from above the 0.79 handle. However, continued failures at the 0.7930 downtrend, means that the resumption of downside pressure will likely play out. There is some to go yet in any case, with 0.7840 being the next key resistance to overcome on a continuation of the minor recovery.
Technically, Karen Jones, chief analyst at Commerzbank explained that failures of the 0.7940 downtrend are likely to see a slide back to the 0.7740 initial support ahead of 0.7627 the February low. "Below 0.7597 we have very little support apart from the 0.7335, 50% retracement of the move up from 2001." She added, "Above the downtrend would introduce scope to the .8034 7th January low. The market recently again held over the base of the 2013-2015 down channel at 0.7597. A close above .8035 is needed to alleviate downside pressure."