24 Dec 2013
AUD/USD consolidating above 0.8900
FXstreet.com (Córdoba) - The AUD/USD is consolidating above 0.8900, holding to Friday's gains. The Aussie benefited on Monday from a weak US dollar across the board and rose slightly, posting the third daily gain in a row.
On Monday the pair hit at 0.8957 the highest price in a week but retreated afterwards toward 0.8930, where currently trades, 1,500 pips below the price it had at the beginning of the year.
Outlook for the AUD/USD
“As for the longer term outlook, recent recovery from 0.8820 past week low, is far from suggesting the pair has finally bottomed: the bearish outlook remains quite strong in bigger time frames,” says Valeria Bednarik, Chief Analyst at FXstreet.com. According to Bednarik some further upside correction may be seen, “as the pair has fell steadily for 9 weeks in a row and investors may look to profit”.
On Monday the pair hit at 0.8957 the highest price in a week but retreated afterwards toward 0.8930, where currently trades, 1,500 pips below the price it had at the beginning of the year.
Outlook for the AUD/USD
“As for the longer term outlook, recent recovery from 0.8820 past week low, is far from suggesting the pair has finally bottomed: the bearish outlook remains quite strong in bigger time frames,” says Valeria Bednarik, Chief Analyst at FXstreet.com. According to Bednarik some further upside correction may be seen, “as the pair has fell steadily for 9 weeks in a row and investors may look to profit”.