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AUD/USD remains contained below 0.8900

FXStreet (Barcelona) - AUD/USD is trading at 0.8801, down -0.31% on the day, having posted a daily high at 0.8832 and low at 0.8797.

AUD/USD had been struggling to overcome its 20 day ma at 0.8792 in late Europe with there being headwinds from the recent fall at 0.9400 with attention on the 0.8660/43 and January lows. However, the pair has been buoyed at 0.8720 and enjoyed the weakness in the greenback of the US session.

There could be more volatility to come towards the end of the week with further key US data releases but in the mean time we will turn attention towards RBA’s assistant governor speaking again after the consumer inflation expectations. Meanwhile, in respect of any further excuses to the take the pair lower, Karen Jones, chief analyst at Commerzbank explained that they remain negative and look for a retest of support circa 0.8660/43 and continue to target the 0.8550 50% retracement of the move from 2009. “This guards the base of the 3 year channel at 0.8438/0.8391”.

AUD/USD noteworthy levels

Current price is 0.8802, with resistance ahead at 0.8836 (Daily 20 SMA), 0.8840 (Weekly Classic R1), 0.8860, 0.8880 and 0.8900. Next support to the downside can be found at 0.8797, 0.8787 (Daily Classic R1), 0.8765 (Hourly 20 EMA) and 0.8746 (Weekly Classic PP).

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