4 Dec 2013
AUD/USD hits 3-month low
FXstreet.com (Córdoba) - The AUD/USD resumed the slide Wednesday weighed by weak Australian GDP figures and disappointing Chinese services PMI.
The AUD/USD broke below the 0.9050 zone and accelerated toward a fresh 3-month low of 0.9007 before finding support and recovering slightly. At time of writing, the AUD/USD is trading at the 0.9020 area, recording a 1.3% loss on the day.
AUD/USD technical perspective
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that bearish momentum persists, suggesting further falls are still likely on a break below key psychological support of 0.9000. "Short term, next support and probable bearish target comes at 0.8950/60 area, although the pair has still an unfilled weekly opening gap around 0.8890 from early September, final objective for current movement", says the analyst. "Recoveries are still seen as selling opportunities, with sellers aligned in the 0.9120/50 price zone".
The AUD/USD broke below the 0.9050 zone and accelerated toward a fresh 3-month low of 0.9007 before finding support and recovering slightly. At time of writing, the AUD/USD is trading at the 0.9020 area, recording a 1.3% loss on the day.
AUD/USD technical perspective
From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that bearish momentum persists, suggesting further falls are still likely on a break below key psychological support of 0.9000. "Short term, next support and probable bearish target comes at 0.8950/60 area, although the pair has still an unfilled weekly opening gap around 0.8890 from early September, final objective for current movement", says the analyst. "Recoveries are still seen as selling opportunities, with sellers aligned in the 0.9120/50 price zone".