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26 Feb 2013
Forex: AUD/USD slides toward 5-day low
FXstreet.com (Córdoba) -The Australian dollar resumed its decline against the greenback after a recovery attempt was capped by the 1.0325 area on Monday and investors got rid of riskier assets in the wake of the Italian political turmoil.
Having lost over 50 pips from Asian session's highs, AUD/USD slid toward a 5-day low of 1.0234 in recent dealings. At time of writing, AUD/USD is quoting around 1.0235/40, recording a 0.2% loss on the day.
From a technical view, Fan Yang, analyst at FXTimes notes that AUD/USD remains in consolidation mode between 1.0220 and 1.0375 since early February. "If the Aussie pushes lower and breaks below 1.0220, there is key support in the 1.0150-1.0175 area – support for a range that started in July 2012", Yang says.
"Climbing back above 1.03 keeps the short-term neutral stance, but only a break above 1.0375 should take away the prevailing bearish tilt, and open up short-term targets in the 1.0455-1.0475, resistance area of some late January action", the analyst adds.
Having lost over 50 pips from Asian session's highs, AUD/USD slid toward a 5-day low of 1.0234 in recent dealings. At time of writing, AUD/USD is quoting around 1.0235/40, recording a 0.2% loss on the day.
From a technical view, Fan Yang, analyst at FXTimes notes that AUD/USD remains in consolidation mode between 1.0220 and 1.0375 since early February. "If the Aussie pushes lower and breaks below 1.0220, there is key support in the 1.0150-1.0175 area – support for a range that started in July 2012", Yang says.
"Climbing back above 1.03 keeps the short-term neutral stance, but only a break above 1.0375 should take away the prevailing bearish tilt, and open up short-term targets in the 1.0455-1.0475, resistance area of some late January action", the analyst adds.