AUD/USD analysis: Aussie rejected from near 0.8100, but holding above 0.8000
|AUD/USD Current price: 0.8024
After hitting 0.8098, the Aussie trimmed most of its daily gains against the greenback, ending the day barely up against the greenback in the 0.8020 region. The Australian dollar rallied ever since the day started, backed by strength in oil prices, which shrugged off a larger-than-expected US stockpiles report and surged to fresh multi-month highs. There was no certain catalyst for the later advance, but the technical breakout of the 1.8030 level that contained advances over the last few days. RBA Governor Lowe will speak during the upcoming Asian session, at the American Chamber of Commerce in Australia Business Briefing, hardly expected to comment on monetary policy. Back to square one according to technical readings, the 4 hours chart indicates that the pair maintains a positive stance ahead of the Asian opening, as additionally, Wall Street bared pretty well with Fed's tightening. Technical indicators in the mentioned time frame have bounced from their mid-lines, whist the price held above its 20 SMA, despite some intraday attempts to break below it. Renewed buying interest beyond 0.8030 will probably see the pair re-visiting its recent highs.
Support levels: 0.7990 0.7955 0.7910
Resistance levels: 0.8030 0.8060 0.8100
View Live Chart for the AUD/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.