AUD/USD analysis: headed towards key support at 0.7870
|AUD/USD Current price: 0.7930
The AUD/USD pair plunged to its lowest in three weeks, quoting as low as 0.7916, to end the day not far above, around 0.7930. The Australian currency was hit by comments from RBA's Lowe, who repeated that that rises in global rates do not have automatic implications for Australia, somehow hinting the current on-hold stance will prolong in time. Also, hurting the commodity-linked currency were gold prices, which continued retreating from YTD highs, below the 1,300.00 threshold. Short-term, the pair is poised to extend its slide, with the next relevant support being 0.7870, the low set on August 31st. In the 4 hours chart, the Momentum indicator heads sharply lower within negative territory, the RSI indicator consolidates around 36, whilst the 20 SMA gains bearish strength far above the current level, all of which favors a new leg lower towards the mentioned support on a break below Thursday's low.
Support levels: 0.7915 0.7870 0.7825
Resistance levels: 0.7965 0.8000 0.8030
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.