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5 Jan 2015
AUD/USD testing bids at 0.8050
FXStreet (Bali) - AUD/USD is printing fresh lows for the year at 0.8051, and not seen since July 2009, as the bid tone towards the US Dollar persists across the board in Asia.
The latest AUD selling comes as the market learnt another negative outcome for the Australian Dollar, after the Aus Performance of Manufacturing Index fell by 3.2 points to 46.9 points in December (sa) vs 50.1 in November.
From a technical perspective, Valeria Bednarik, Chief Analyst at FXStreet, observes: "The pair has its next major support at 0.7960 the 61.8% retracement of the 2008/2011 5,000 pips rally, and seems probable the pair will reach that level before market is ready to call for a technical bottom. In the short term, the 1 hour chart shows the pair extended its decline down to 0.8060 at the opening, but almost filled the small opening gap."
Valeria concludes that technical readings "present a clear bearish tone, with indicators heading lower below their midlines and 20 SMA well above current price, and the 4 hours chart momentum also heading south below 100 while 20 SMA stands flat around 0.8160, acting as dynamic resistance in case of an intraday recovery."
The latest AUD selling comes as the market learnt another negative outcome for the Australian Dollar, after the Aus Performance of Manufacturing Index fell by 3.2 points to 46.9 points in December (sa) vs 50.1 in November.
From a technical perspective, Valeria Bednarik, Chief Analyst at FXStreet, observes: "The pair has its next major support at 0.7960 the 61.8% retracement of the 2008/2011 5,000 pips rally, and seems probable the pair will reach that level before market is ready to call for a technical bottom. In the short term, the 1 hour chart shows the pair extended its decline down to 0.8060 at the opening, but almost filled the small opening gap."
Valeria concludes that technical readings "present a clear bearish tone, with indicators heading lower below their midlines and 20 SMA well above current price, and the 4 hours chart momentum also heading south below 100 while 20 SMA stands flat around 0.8160, acting as dynamic resistance in case of an intraday recovery."