21 Jan 2014
AUD/USD recovers ground, erases losses
FXstreet.com (Córdoba) - The AUD/USD managed to bounce from below 0.8800 and erased intraday losses during the American session, although the recovery has remained capped below the 100-hour SMA.
The AUD/USD bottomed out at 0.8775 earlier but found buyers and regained the 0.8800 mark as the dollar loses shine across the board, also helped by US stocks gains. At time of writing, the AUD/USD is trading at the 0.8805 area, virtually unchanged since opening.
AUD/USD technical perspective
From a technical view, Valeria Bednarik, chief analyst at FXStreet noted that the AUD/USD holds a neutral to bearish tone in short-term charts. "Recoveries are still seen as selling opportunities, with the market holding a pretty bearish stance in the pair, eyeing 0.8500, RBA Glenn Steven's target", said Bednarik.
The AUD/USD bottomed out at 0.8775 earlier but found buyers and regained the 0.8800 mark as the dollar loses shine across the board, also helped by US stocks gains. At time of writing, the AUD/USD is trading at the 0.8805 area, virtually unchanged since opening.
AUD/USD technical perspective
From a technical view, Valeria Bednarik, chief analyst at FXStreet noted that the AUD/USD holds a neutral to bearish tone in short-term charts. "Recoveries are still seen as selling opportunities, with the market holding a pretty bearish stance in the pair, eyeing 0.8500, RBA Glenn Steven's target", said Bednarik.