Currency Analyst since 2010

AUD/USD: near-term prospects

AUD/USD is trading on the downside for the second day after its advance from August 5.

Support lies at $0.9100, $0.9080/70, $0.9035 and $0.9005. Resistance is located at $0.9140, $0.9180, $0.9220 and $0.9255 ahead of $0.9317.

Analysts at Commerzbank expect Aussie to rise to $0.9260 and then to fail between $0.9320. Then the bearish trend will resume with downside $0.8550 (50% retracement of the move up from 2008). The overall bias will remain negative as long as AUD/USD is trading below $0.9388/0.9404 (2011 low and 2009 high).

Chart. Daily AUD/USD

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