AUD/USD: further slides expected below 0.7855

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7891

The AUD/USD pair hovers at the lower end of its latest range, down on the day amid soft inflation expectations in Australia, down to 4.2% for August, from 4.4% in July. The commodity-linked currency is also being weighed by the poor performance of world-wide equities, down for a second consecutive day. From a technical point of view, the pair retains its bearish stance, although the downward momentum is limited ahead of US data releases. In the 4 hours chart, the price is developing below a bearish 20 SMA, which continues acting as dynamic resistance, having contained an early advance and currently a 0.7895, while technical indicators hover directionless within negative territory. Further slides could be expected on a break below 0.7855, the weekly low, with scope then to extend its slide down to 0.7785, July 18th daily low.

Support levels: 0.7855 0.7810 0.7785

Resistance levels: 0.7895 0.7925 0.7960

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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