AUD/USD: daily update
On Friday AUD/USD is trading in the $0.8985/9040 range. Yesterday the pair has found some support at $0.8935, but holds below $0.9050.
We remain clearly bearish on the Aussie as long as the $0.9235 resistance holds (and we are still very far from this level). Break of the lows at $0.8850 could send the pair into the $0.8500 area.
However, the resilience of the $0.9000 area shows there is room for a more consolidation. Resistance is now seen at $0.9040/50, $0.9080 and $0.9100.
That’s what ING strategists say: “We expect Aussie to trade in the 92.00/88.00 area for some time. We could see a bit of upside as people cover shorts. Positioning is still extreme in the Australian dollar”.
Chart. H4 AUD/USD