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AUD/USD bumping along and scarred

FXStreet (Guatemala) - AUD/USD is trading at 0.8850, up 0.11% on the day, having posted a daily high at 0.8866 and low at 0.8839.

AUD/USD is licking it’s wounds along a tight range with a lack of direction but carries a bearish bias in oversold conditions still. Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD saw a temporal relieve during Asian hours, with a tick up in Chinese PMI sending the pair up to 0.8920, but the pair was unable to hold to its gains, and resumed its decline to a new monthly low of 0.8830. “The 4 hours chart shows a strong bearish momentum, all of which support further falls: short term, price may extend down to 0.8770 on a break below mentioned daily low, but eyeing an extension down to 0.8600 area for the upcoming days”.

AUD/USD levels

Support levels: 0.8830 0.8800 0.8770

Resistance levels: 0.8865 0.8920 0.8950

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