AUD/USD: recovering from key mid-term support
|AUD/USD Current price: 0.7928
- AUD/USD trimmed half of their Friday's losses.
- Dull Monday keeping majors within limited ranges.
Commodity-related currencies trade marginally higher in this dull Monday, with the AUD/USD pair not far below a daily high of 0.7934 achieved early Asia. A holiday in China and an empty macroeconomic calendar in Australia prevent the pair from moving too far away, a situation that replicates all through the FX board and will extend until early Tuesday, as Canadian and US markets will remain closed also amid different local holidays.
The AUD/USD pair recovered half of its Friday's losses after bottoming around 0.7890, a major Fibonacci support, the 38.2% retracement of its December/January rally. The short-term picture is neutral-to-bullish, pretty much amid the absence of volume, as the price hovers around a bullish 20 SMA, while technical indicators stand around their mid-lines, the RSI flat and the Momentum aiming higher. The pair has an immediate resistance around 0.7965, followed by the 0.8000 price zone, where profit taking last Friday sent the pair lower.
Support levels: 0.7890 0.7850 0.7810
Resistance levels: 0.7965 0.8000 0.8040
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.