AUD closes at the lowest level in 2012 against USD...
- Yesterday AUDUSD currency pair broke below the key support of 1.0120 and after making low of 1.0088 the pair closed at 1.0095, the lowest level in 2012.
- On Wednesday the pair opened flat in the morning trade and did make some attempts to move above 1.0100.
- However this attempt did not last long and after hitting intraday high of 1.0115, the pair continued with its weak trend to make intraday low of 1.0052.
- On hourly charts we see that the pair is forming a downward trending line and if the pair manages to break above this trend line (above 1.0095), we may see a mild recovery possibly till 1.0120 levels.
- Our bearish outlook on the currency pair remains intact and we maintain our downside target of 0.9900 in few trading sessions. The bearish outlook gets negated should the pair close above 1.0235.
- Daily charts however have started looking a little stretched and we would not rule out the possibility of a minor bounce back.
AUDUSD – Important Technical levels
Support 1 – 1.0043 Resistance 1 – 1.0131
Support 2 – 1.0022 Resistance 2 – 1.0175
Support 3 – 0.9984 Resistance 3 – 1.0198
Haresh Menghani, Market Analyst
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