23 Apr 2014
AUD/USD hits fresh 2-week lows
FXStreet (Córdoba) - The AUD/USD is pushing lower, printing fresh lows at the beginning of the New York session, as lower than expected CPI data left the Aussie in a vulnerable position.
The AUD/USD lost more than 100 pips throughout the day and after taking a brief pause, it is back heading south and recently bottomed out at 0.9267, last seen Apr 8. At time of writing, the AUD/USD is trading at the 0.9275 zone, recording a 0.96% loss on the day.
AUD/USD technical outlook
"The AUD/USD approached 0.9260 strong midterm static support area, and remains right above it, with the hourly chart showing the bearish tone prevails: indicators turned south after correcting partially oversold readings, while the 4 hours chart also maintains a bearish tone, albeit with indicators losing bearish momentum", says Valeria Bednarik, chief analyst at FXStreet. "A break below the support should lead to a stronger downward acceleration, with scoop to test 0.9130 on the upcoming days".
The AUD/USD lost more than 100 pips throughout the day and after taking a brief pause, it is back heading south and recently bottomed out at 0.9267, last seen Apr 8. At time of writing, the AUD/USD is trading at the 0.9275 zone, recording a 0.96% loss on the day.
AUD/USD technical outlook
"The AUD/USD approached 0.9260 strong midterm static support area, and remains right above it, with the hourly chart showing the bearish tone prevails: indicators turned south after correcting partially oversold readings, while the 4 hours chart also maintains a bearish tone, albeit with indicators losing bearish momentum", says Valeria Bednarik, chief analyst at FXStreet. "A break below the support should lead to a stronger downward acceleration, with scoop to test 0.9130 on the upcoming days".