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AUD/USD retraces off intraday low to test 0.9700 barrier

FXstreet.com (Barcelona) - The AUD/USD has bounced off an intraday low of 0.9593 earlier today during European trading, managing to pare a majority of its losses to trade in sight of the 0.9700 barrier Thursday.

In particular, the pair is now settling at 0.9689/92 in these moments, still trading negatively at -0.08% off its opening. According to the Mataf.net analyst team, the AUD/USD will look to eventually test supports levels at 0.9593, ahead of 0.9535, and finally 0.9418. Alternatively, a paring of recent losses will drive the pair higher towards resistances at 0.9768, then 0.9885, onto 0.9943.

“The AUD/USD is consumed by a powerful downtrend, and has settled below linear regression indicators again, which is negative and could extend the run of that trend further. Expectations for the bearish trend remain valid as long as the pair stays below the bullish channel's main resistance at 0.9795 and 0.9825. As for Thursday, however, stability below 0.9725 offers rather strong support for the downtrend.” warns the ICN.com analyst team.

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