AUD/USD: recovering from key mid-term support

Valeria Bednarik FXStreet

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

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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