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8 Apr 2013
Forex: AUD/USD prints fresh 14-day lows sub-1.0350
FXstreet.com (Barcelona) - AUD/USD is last at 1.0355, off recent fresh session and 14-day lows at 1.0346, following Australia AIG March construction index at 39.0, “still in contraction, and a very poor result following February's big improvement (February was the best result since mid-2010),” noted ForexLive editor Eamonn Sheridan. The pair has started the weak with a weak note, leaving behind 200 day SMA around the 1.0388 level.
“The hourly chart shows 20 SMA heading lower above current price while indicators stand in negative territory,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In the 4 hours chart, the pair presents a strong bearish momentum that supports the shorter term view, with scope for a test of key 1.0300/30 support area for today. Steady recoveries above 1.0410 will deny the figure and see the pair slowly recovering ground with 1.0470 then at sight,” she concludes.
Valeria sees support levels at: 1.0360, 1.0330 and 1.0290, while resistance levels at: 1.0410, 1.0440 and 1.0470.
“The hourly chart shows 20 SMA heading lower above current price while indicators stand in negative territory,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In the 4 hours chart, the pair presents a strong bearish momentum that supports the shorter term view, with scope for a test of key 1.0300/30 support area for today. Steady recoveries above 1.0410 will deny the figure and see the pair slowly recovering ground with 1.0470 then at sight,” she concludes.
Valeria sees support levels at: 1.0360, 1.0330 and 1.0290, while resistance levels at: 1.0410, 1.0440 and 1.0470.