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AUD/USD settled around Asian lows; more downside in store?

FXStreet (Moscow) - AUD/USD is desperate to stabilize after dipping to new multi-month low at 0.9159 during Asian hours

Aussie bulls call the tune

AUD/USD tested waters below 0.9200 level on Tuesday. The pair managed to close marginally above this pivot, but the downside resumed early in Asia on Wednesday. Aussie dipped to current low of 0.9159. This is the lowest level since the end of March. Aussie smashed quite a few important support levels, including May low at 0.9210 and 55-week MA at 0.9220. The movement was caused by USD strength and a mixture of technical factors such as triggered stops. Fundamental reports are mostly ignored nowadays but investors took worse than expected Westpac consumer coincidence index close to heart. Technically, if 0.9150 (area of strong demand) survive the initial test, Aussie may start an upside correction towards 0.9200. Otherwise the downside may extend to 0.9100.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.9227, with support below at 0.9164, 0.9124, and 0.9061 with resistance above at 0.9267, 0.9330 and 0.9370. Hourly Moving Averages are mixed, with the 200SMA bullish at 0.9336 and the daily 20EMA bearish at 0.9314. Hourly RSI is bullish at 52.

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