3 Jul 2013
AUD/USD consolidates above 0.9050
FXstreet.com (Córdoba) - The AUD/USD managed to pause losses and entered in a consolidation phase during the New York session.
AUD/USD found support at the 0.9050 area after printing a fresh near 3-year low and bounced a bit despite the negative tone seen in European and US stocks. At time of writing, AUD/USD is trading around 0.9075, where it records a 0.7% loss on Wednesday.
The pair showed little reaction to the latest string of US data, which came in mixed, showing improvement in the employment sector but disappointing trade balance and ISM services PMI for the US.
AUD/USD immediate risk remains at the downside
From a technical view, the pair remains under pressure, with negative near-term studies keeping bears in play for possible test of psychological 0.9000 support, according to Slobodan Drvenica, analyst at Windsor Brokers Ltd.
"Brief pause of today's 0.9189/0.9050 fall was triggered by oversold hourly studies, as the price attempts to base at 0.9050. However, the price action shows no significant recovery signals so far, as immediate barrier at 0.9100, previous low, reinforced by falling 20 day EMA, stays intact", the analyst says. "Break here and 0.9150, 50% retracement of 0.9249/0.9050 downleg, would possibly open way for stronger bounce, otherwise immediate risk will remain at the downside".
AUD/USD found support at the 0.9050 area after printing a fresh near 3-year low and bounced a bit despite the negative tone seen in European and US stocks. At time of writing, AUD/USD is trading around 0.9075, where it records a 0.7% loss on Wednesday.
The pair showed little reaction to the latest string of US data, which came in mixed, showing improvement in the employment sector but disappointing trade balance and ISM services PMI for the US.
AUD/USD immediate risk remains at the downside
From a technical view, the pair remains under pressure, with negative near-term studies keeping bears in play for possible test of psychological 0.9000 support, according to Slobodan Drvenica, analyst at Windsor Brokers Ltd.
"Brief pause of today's 0.9189/0.9050 fall was triggered by oversold hourly studies, as the price attempts to base at 0.9050. However, the price action shows no significant recovery signals so far, as immediate barrier at 0.9100, previous low, reinforced by falling 20 day EMA, stays intact", the analyst says. "Break here and 0.9150, 50% retracement of 0.9249/0.9050 downleg, would possibly open way for stronger bounce, otherwise immediate risk will remain at the downside".