OctaFX | OctaFX Forex Broker
Open trading account
Back

AUD/USD drops below 100-day SMA

FXStreet (Córdoba) - The Australian dollar is underperforming Monday, along with other commodity currencies, in a relatively quiet start to the week as AUD/USD pulls back from a 5-week high scored Friday.

AUD/USD managed to climb to the 0.9400 area Friday following news the US added the fewest jobs in 8 months, but the Aussie failed to consolidate above the psychological level and it entered a corrective phase. AUD/USD has slipped below the 100-day SMA (0.9337) through the 0.9330 area, a former resistance turned into support, and hit a low of 0.9323 so far. At time of writing, the pair is trading at 0.9327, down 0.53% on the day.

AUD/USD levels to watch

As for technical levels, if AUD/USD breaks decisively below the 0.9330/25 area, next supports could be found at 0.9300 (psychological level) and 0.9263 (Sept 3 low). On the flip side, immediate resistances are seen at 0.9401 (Sept 5 high), 0.9415 (Jul 29 high) and 0.9423 (Jul 25 high).

USD/CAD regains 1.0900

The greenback is inching higher on Monday, pushing the USD/CAD back to levels above the 1.0900 mark...
Read more Previous

EUR shorts keep building up – Rabobank

In the view of Jane Foley, Senior Currency Analyst at Rabobank, the spec EUR short positions climbed to the highest level since July 2012...
Read more Next
Start livechat