- On Monday, AUD rebounded sharply against USD after hitting five-month low on Friday.
- On Tuesday, AUD failed to continue with its upward momentum as USD appreciated sharply after the Fitch ratings downgraded Japan’s sovereign debt to A+ and issued a negative outlook on country’s credit rating.
- AUD is trading weak against USD and is currently quoting at 0.9889, after hitting intraday high of 0.9935 and intraday low of 0.9865.
- On the upside 0.9950 (61.8% Fibonacci Retracement level) will remain as strong resistance for the currency pair.
- Should the pair decisively trade above resistance zone of 0.9950 – 0.9960, the pull-back is likely to take the currency pair back to parity (1.0000).
- On the downside 0.9865 (5-day SMA) may provide minor support, which again is within our support zone of 0.9880 – 0.9860.
- Should the pair decisively break below 0.9880 – 0.9860 support zone again, we are most likely to revisit recent lows, below 0.9800, before depreciating further till 0.9750 – 0.9705.
Intraday Important Technical Levels
Support 1 – 0.9850 Resistance 1 – 0.9912
Support 2 – 0.9833 Resistance 2 – 0.9940
Support 3 – 0.9802 Resistance 3 – 0.9969
Haresh Menghani
Market Analyst
Admiral Markets
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