AUD/USD: holding above 0.7900, downside limited

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7916

The AUD/USD pair recovered most of the ground lost on Thursday and hovers around 0.7920 after bottoming at 0.7869, with the Aussie backed by gold's appreciation amid ongoing risk aversion. Stocks trade with a soft tone, although not far from their daily openings, limiting Aussies gains at the time being. There were no macroeconomic news coming from Australia overnight, and the US has little to offer today beyond the Michigan confidence index. US equities will set the tone for the last day of the week, yet unless fresh headlines affect markets, seems it's going to be a dull end to the week. In the meantime, the 4 hours chart shows that the price holds above a modestly bullish 20 SMA, whilst technical indicators are losing upward strength, but within positive territory, reflecting the limited love the market has for the greenback these days.

Support levels: 0.0.7900 0.7870 0.7830

Resistance levels: 0.7965 0.8000 0.8045

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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