The AUD/USD continued its slow bleeding over the Asian session, with RBA governor Glenn Stevens presenting a quite dovish opening statement to the House of Representatives. Having expressed his concerns over global slowdown, Aussie bearish tone increased, while the pair was unable to recover beyond 1.0430/40 area, which represents the 38.2% retracement of the latest daily bullish run, falling to 1.0377 daily low. Holding a strong bearish tone according to the 4 hours chart, the pair stands around the 50% of the same rally, now also capped by 200 EMA in the 4 hours chart standing at 1.0410. With market sentiment mostly negative, the 1.0340 area seems a reasonable target for today, as long as 1.0430 remains intact.
Steady gains above 1.0440 are now required to deny current trend in the short term, with the pair then being able to extend its recovery probably towards 1.0470/90 price zone.View Live Chart for AUD/USD