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23 Apr 2013
Forex: AUD/USD recovers from 6-week low
FXstreet.com (Córdoba) - The Australian dollar extended losses to a fresh 6-week low, weighed by declining stocks in Asia. However, after bottoming out at 1.0220, AUD/USD found buyers and managed to trim losses as market sentiment improved during the European trade.
With the subsequent recovery being capped by the 1.0260 area, the AUD/USD was confined to a narrow range where it has spent the last hours. At time of writing, the pair is quoting around 1.0250, still down 0.2% on the day.
On the downside, if AUD/USD breaks decisively below 1.0220, next supports are seen at 1.0200 (psychological level) and 1.0185 (daily low Mar 5). On the other hand, resistances could be found at 1.0260 (intraday level), 1.0275 (daily high) and 1.0300 (psychological level).
With the subsequent recovery being capped by the 1.0260 area, the AUD/USD was confined to a narrow range where it has spent the last hours. At time of writing, the pair is quoting around 1.0250, still down 0.2% on the day.
On the downside, if AUD/USD breaks decisively below 1.0220, next supports are seen at 1.0200 (psychological level) and 1.0185 (daily low Mar 5). On the other hand, resistances could be found at 1.0260 (intraday level), 1.0275 (daily high) and 1.0300 (psychological level).