AUD/USD analysis: steady around 0.7900, downside scope limited
|AUD/USD Current price: 0.7903
The AUD/pair settled around 0.7900 and at the lower end of its daily range, undermined by dollar's demand at the beginning of the day, later weighed by positive US data. The Australian macroeconomic calendar has little to offer this week, leaving investors unmotivated to buy the currency, moreover as the RBA signaled that rates normalization is still a long call. Easing gold prices, as speculative interest dump the metal in search of higher yielding assets, also weighed on the Aussie. Heading into the Asian session, the pair remains within a familiar range, and with no clear directional strength, as in the 4 hours chart, the price settled a few pips below a horizontal 20 SMA, whilst technical indicators head lower, but within neutral territory. The pair has scope to extend its decline only on a break below 0.7869, Friday's low, although given market's negative sentiment towards the greenback, a bearish movement is not expected to extend beyond 0.7807, this month low.
Support levels: 0.7870 0.7840 0.7805
Resistance levels: 0.7930 0.7965 0.8000
View Live Chart for the AUD/USD
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