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AUD/USD testing the downside again - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair has been under selling pressure flirting with the 0.8600 figure in the American afternoon, unable to bounce.

Key Quotes:

“The pair has then erased all the gains achieved last Friday after the surprise rate cut from China that sent the pair up to 0.8722”.

“Short term, the 1 hour chart shows indicators still heading lower despite in oversold territory, whilst 20 SMA presents a strong bearish slope well above current levels, in the 0.8650/60 price zone”.

“In the 4 hours chart price extended below a bearish 20 SMA while indicators turned strongly south albeit momentum remains so far above the 100 level”.

“The immediate support stands at 0.8590, and it will take a downward acceleration below the level to confirm a stronger downward continuation, eyeing 0.8550 first and an approach to the 0.8500 figure afterwards”.

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