AUD/USD analysis: Aussie rejected from near 0.8100, but holding above 0.8000

Valeria Bednarik FXStreet

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

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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