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AUD/USD continues on in negative territory

FXStreet (Guatemala) - AUD/USD is trading at 0.8560, down -0.04% on the day, having posted a daily high at 0.8567 and low at 0.8559.

AUD/USD is soft with a stronger greenback and remains in negative territory. Valeria Bednarik, chief analys at FXStreet notes that in the 4 hours chart however, there is a stronger bearish momentum with 20 SMA extending its bearish slope well above current price, and momentum indicator heading strongly south below 100 as RSI stands near oversold territory at 32. “Further declines below 0.8550 should see the pair approaching quickly to the 0.8500/15 price zone, while a weekly close below will place the midterm bearish target in the 0.80 price zone”.

Meanwhile, Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ also explains that the Australian dollar is likely to remain under selling pressure in the near-term after the AUD/USD rate regained downward momentum falling to its lowest level since July 2010. “Australian dollar weakness continues to play catch up with the ongoing deterioration in Australia’s terms of trade."

AUD/USD noteworthy levels

Current price is 0.8560, with resistance ahead at 0.8564 (Daily Open), 0.8567 (Daily High), 0.8574 (Weekly Classic S3), 0.8591 (Hourly 20 EMA) and 0.8593 (YTD Low). Next support to the downside can be found at 0.8559 (Daily Low), 0.8553 (Yesterday's Low), 0.8517 (Daily Classic S1), 0.8442 (Daily Classic S2) and 0.8318 (Daily Classic S3).

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