Currency Analyst since 2010

AUD/USD: daily update

AUD/USD hit $0.9037 on Wednesday and closed below $0.9100 – the sign confirming the negative picture. Today the pair recovered to $0.9145 (38.2% Fibo of the advance from 2008 to 2011). .

Australian dollar was supported as RBA deputy governor Lowe said that yesterday’s Stevens’ words were much less dovish than the market interpreted.

There’s still a divergence on the daily chart. Aussie may recover a bit, but the outlook will remain bearish as long as it stays below $0.9344 (June 26 high), so one may try selling higher.

Resistance lies at $0.9145, $0.9190/9200, $0.9250 and $0.9325.  Support lies at $0.9037, $0.9000 (psychological level), 0.8870 (July 2007 high) and $0.8850 (100-month MA).

Chart. Daily AUD/USD

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