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31 Aug 2015
AUD/USD finds support at 0.7080
FXStreet (Córdoba) - AUD/USD trimmed losses during the last two hours of trading as the US dollar retreats in the market while commodities prices recover.
The pair bottomed at 0.7080, hitting the lowest level since Wednesday and then recovered rising back above 0.7100. The upside remains limited below 0.7115.
Currently it trades at 0.7105, almost 70 pips below Friday’s closing price and still holds a bearish bias ahead of Reserve Bank of Australia decision. According to the rates futures, the market expects the central bank to leave rates unchanged at 2%.
Despite falling against the US dollar, the aussie is rising sharply versus the kiwi. AUD/NZD broke above 1.1140 and reached 1.1200.
AUD/USD approaching key supports
Today’s slide brought the price near last week lows. During last Monday amid the global selloff in stock markets, AUD/USD bottomed at 0.7030/40 and then rebounded. The pair has approached the mentioned level and also 0.7060 (August 26 low). A consolidation below could open the doors for a test of 0.7000.
The pair bottomed at 0.7080, hitting the lowest level since Wednesday and then recovered rising back above 0.7100. The upside remains limited below 0.7115.
Currently it trades at 0.7105, almost 70 pips below Friday’s closing price and still holds a bearish bias ahead of Reserve Bank of Australia decision. According to the rates futures, the market expects the central bank to leave rates unchanged at 2%.
Despite falling against the US dollar, the aussie is rising sharply versus the kiwi. AUD/NZD broke above 1.1140 and reached 1.1200.
AUD/USD approaching key supports
Today’s slide brought the price near last week lows. During last Monday amid the global selloff in stock markets, AUD/USD bottomed at 0.7030/40 and then rebounded. The pair has approached the mentioned level and also 0.7060 (August 26 low). A consolidation below could open the doors for a test of 0.7000.