31 Jan 2014
AUD/USD drops below 0.8700
FXstreet.com (Córdoba) - The AUD/USD fell to fresh weekly lows during the American session, weighed by the risk-off environment, and briefly dipped below the 0.8700 mark.
The AUD/USD dropped to a fresh 4-day low of 0.8694 although it quickly bounced back above the 0.8700 level and it was last around 0.8705, recording 1.0% loss on the day.
AUD/USD technical outlook
"The hourly chart shows price maintains a strong bearish momentum despite indicators stand in negative territory, while in the 4 hours chart the picture is also strongly bearish, pointing for a retest of this year low of 0.8658", said Valeria Bednarik, chief analyst at FXStreet.com.
In terms of technical levels, Bednarik locates next supports at 0.8690, 0.8660 and 0.8620, while she places resistances at 0.8730, 0.8775 and 0.8820.
The AUD/USD dropped to a fresh 4-day low of 0.8694 although it quickly bounced back above the 0.8700 level and it was last around 0.8705, recording 1.0% loss on the day.
AUD/USD technical outlook
"The hourly chart shows price maintains a strong bearish momentum despite indicators stand in negative territory, while in the 4 hours chart the picture is also strongly bearish, pointing for a retest of this year low of 0.8658", said Valeria Bednarik, chief analyst at FXStreet.com.
In terms of technical levels, Bednarik locates next supports at 0.8690, 0.8660 and 0.8620, while she places resistances at 0.8730, 0.8775 and 0.8820.