12 Dec 2013
AUD/USD hits 3-month low
FXstreet.com (Córdoba) - The AUD/USD was hammered by RBA Stevens comments saying Australia needs the Aussie closer to 0.85 to spur the economy.
The AUD/USD crumbled and broke below the 0.9000 psychological mark and the 0.8980 support zone, triggering stops and accelerating to a fresh 3-month low of 0.8924 in recent dealings. At time of writing, the AUD/USD is trading at the 0.8930 zone, recording a 1.3% loss on the day.
The slump in gold prices also added pressure on the AUD/USD, with the yellow metal dropping 2.1% to $1225 an ounce.
AUD/USD technical outlook
"The hourly chart shows indicators strongly bearish entering oversold territory, while in the 4 hours chart technical readings also present a strong downward momentum", says Valeria Bednarik, chief analyst at FXstreet.com. "Despite oversold conditions, the downside continues to be favored, and spikes higher should be seen as selling opportunities".
Bednarik locates immediate supports at 0.8920, 0.8880 and 0.8850, while she sees resistances at 0.8990, 0.9015 and 0.9050.
The AUD/USD crumbled and broke below the 0.9000 psychological mark and the 0.8980 support zone, triggering stops and accelerating to a fresh 3-month low of 0.8924 in recent dealings. At time of writing, the AUD/USD is trading at the 0.8930 zone, recording a 1.3% loss on the day.
The slump in gold prices also added pressure on the AUD/USD, with the yellow metal dropping 2.1% to $1225 an ounce.
AUD/USD technical outlook
"The hourly chart shows indicators strongly bearish entering oversold territory, while in the 4 hours chart technical readings also present a strong downward momentum", says Valeria Bednarik, chief analyst at FXstreet.com. "Despite oversold conditions, the downside continues to be favored, and spikes higher should be seen as selling opportunities".
Bednarik locates immediate supports at 0.8920, 0.8880 and 0.8850, while she sees resistances at 0.8990, 0.9015 and 0.9050.