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26 Feb 2013
Forex: AUD/USD off fresh lows at 1.0250
Aussie is currently back above previous weekly lows at 1.0260 printed yesterday, last at 1.0272, off fresh weekly lows at 1.0247, following RBA assistant governor Guy Debelle's comments saying
RBA could cut cash rate to offset high AUD, which added to the selling off in risky assets after divided election results in Italy. The pair is down -0.57% for the week so far, with commodities overall lower as well.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “with the hourly chart supporting the bearish bias, as price broke below 20 SMA while indicators head south below their midlines,” the analyst says, “the 4 hours chart technical outlook is also bearish, yet 1.0220 base of these last days’ range stands in the way: only a clear break of this last should favor a stronger bearish continuation in the pair,” she concludes.
Support levels are found by Valeria at: 1.0220, 1.0180 and 1.0150, while resistance levels at: 1.0330, 1.0370 and 1.0410.
RBA could cut cash rate to offset high AUD, which added to the selling off in risky assets after divided election results in Italy. The pair is down -0.57% for the week so far, with commodities overall lower as well.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “with the hourly chart supporting the bearish bias, as price broke below 20 SMA while indicators head south below their midlines,” the analyst says, “the 4 hours chart technical outlook is also bearish, yet 1.0220 base of these last days’ range stands in the way: only a clear break of this last should favor a stronger bearish continuation in the pair,” she concludes.
Support levels are found by Valeria at: 1.0220, 1.0180 and 1.0150, while resistance levels at: 1.0330, 1.0370 and 1.0410.