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4 Dec 2014
AUD/USD softer below 0.8370
FXStreet (Edinburgh) - The weakness remains intact around the Aussie dollar on Thursday, with AUD/USD recovering some ground after hitting fresh multi-year lows in sub-0.8360 levels.
AUD/USD suffering the USD strength
The Australian dollar is following down the rest of the riskier assets today amidst a continuation of the solid performance by the US dollar. Positive docket in Oz during October showed Retail Sales expanding more than forecasts 0.4% MoM and the trade deficit shrinking to A$1,323 million from A$ 2,235 million in the previous month, although the auspicious data failed to re-ignite interest in AUD. Strategists at UOB Group suggested, “AUD continues its recent decline without any significant rebound. The immediate pressure is clearly on the downside and the current weakness could extend towards the major support at 0.8340/45. The overnight high of 0.8445/50 is a strong intraday resistant”.
AUD/USD key levels
At the moment the pair is down 0.39% at 0.8371 with the next support at 0.8315 (low Jul.1 2010) ahead of 0.8269 (low Jun.10 2010) and then 0.8195 (low Jun.9 2010). On the flip side, a breakout of 0.8400 (psychological level) would open the door to 0.8539 (10-d MA) and finally 0.8545 (high Nov.28).
AUD/USD suffering the USD strength
The Australian dollar is following down the rest of the riskier assets today amidst a continuation of the solid performance by the US dollar. Positive docket in Oz during October showed Retail Sales expanding more than forecasts 0.4% MoM and the trade deficit shrinking to A$1,323 million from A$ 2,235 million in the previous month, although the auspicious data failed to re-ignite interest in AUD. Strategists at UOB Group suggested, “AUD continues its recent decline without any significant rebound. The immediate pressure is clearly on the downside and the current weakness could extend towards the major support at 0.8340/45. The overnight high of 0.8445/50 is a strong intraday resistant”.
AUD/USD key levels
At the moment the pair is down 0.39% at 0.8371 with the next support at 0.8315 (low Jul.1 2010) ahead of 0.8269 (low Jun.10 2010) and then 0.8195 (low Jun.9 2010). On the flip side, a breakout of 0.8400 (psychological level) would open the door to 0.8539 (10-d MA) and finally 0.8545 (high Nov.28).