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AUD/USD off lows but lacks momentum

FXStreet (Córdoba) - AUD/USD entered a consolidation phase after the latest recovery attempt from 8-month lows was capped by the 0.8740 zone.

AUD/USD fell to its lowest level since January at 0.8683 before staging a mild recovery but lacked momentum and settled in a narrow range. At time of writing, the Aussie is trading at 0.8733, 0.26% below its opening price.

AUD/USD levels to watch

In terms of technical levels, AUD/USD could find immediate resistances a 0.8760 (intraday high), 0.8812 (Sept 26 high) and 0.8830 (Sept 23 low). On the other hand, supports are seen at 0.8683 (8-month low), 0.8659 (Jan 24 low) and not much until 0.8600 (psychological level).

AUD/USD technical perspective

“Australian dollar sees no relieve against the greenback, with the pair extending its bearish move down to 0.8683 this Monday, trading now back above the 0.8700 mark. The 1 hour chart shows price hovering around a bearish 20 SMA, while indicators corrected higher, but remain below their midlines now losing upward strength”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the overall bearish tone prevails with 20 SMA acting as latest intraday resistance in the 0.8800 price zone”.

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