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Forex: AUD/USD falls below support to 0.9814/16

FXstreet.com (Barcelona) - The AUD/USD has taken a tumble along with its antipodean counterpart Thursday, highlighting the weakness many feared recently would envelop the pair. Indeed, overnight highs at 0.9915 proved to be the lone positive on the day, with the cross now spanning 100 pips down to 0.9814/16 in these moments during European trading – at this juncture the pair is now -0.86% off its opening.

Following a break the 0.9866 and 0.9825 supports, Mataf.net analysts point to the next level of correction for the AUD/USD at 0.9799. On the ascension, resistances lie – albeit very far ahead – at 0.9933, ahead of 0.9959, and ultimately 1.0000.

According to Global FX Strategist Sean Callow at Westpac, “The AUD/USD seems likely to suffer a little more punishment before stabilizing. Now that 0.9850 has given way, there are only round figure support levels towards 0.9720/30. However, the June 2012 lows around 0.9600 shouldn’t be challenged. Our baseline view on US data (still mostly sluggish) and Fed policy (QE maintained at current pace through 2013) implies AUD/USD will enjoy a bounce back to 1.0000.”

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