AUD/USD Analysis: regains 0.6800 amid better market mood

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.6805

The Australian Dollar recovered on Thursday, lifted by a rebound in Chinese exports and easing jitters across financial markets. AUD/USD finished the day half a cent higher just above the 0.6800 level, staging a modest rebound after a massive selloff that sent the pair to a decade low of 0.6676 on Wednesday. During the Asian session, inflation data from China could trigger some action in the Aussie.

The short-term technical perspective has turned positive, as per 1- and 4-hour timeframes, with indicators in positive territory and AUD/USD trading back above the 20-period SMA. However, the longer-term view remains strongly negative, with indicators correcting from oversold conditions. Immediate support is seen at the aforementioned 20-period SMA, while failure to hold this support would shift focus back to its 10-year lows. On the upside, the 20-day SMA at 0.6905 is a key resistance level to clear for the AUD to stand a chance of a steeper recovery targeting the 100-day SMA, currently at 0.6985.

Support levels: 0.6765 0.6676 0.6600

Resistance levels: 0.6820 0.6905 0.6985

View Live Chart for the AUD/USD

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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