Forex: AUD/USD stalls around fresh weekly lows 1.0450

FXstreet.com (Barcelona) - In fierce competency against the Yen, the one currency that has made all the way from being the strongest one, to almost the weakest one, in last 2 trading days, and only better than the Loonie, AUD is second worst currency among the majors, with AUD/USD down -0.79% from previous Asia-Pacific open yesterday, and about -0.51% for the week. Gold is also down -0.84% for the day at the NY close, while SP500 have closed totally flat, and Apple shares tumbled -12.35%.

“Looking technically at the 4 hour charts,” says Greg McKenna CEO at GlobalFX and former Head of Currency Strategy at the NAB and Westpac, “we see the AUD broke an old trendline and then the bottom of the box to head to an overnight low of 1.0448 before rallying a little in the last few hours. The daily charts suggest further losses and the Aussie would need to break back above 1.0480/85 to turn the short term outlook more positive once again,” the analyst concludes. With no domestic data to come out for last trading day of the week in 'down under', market attention will shift to Japan, where CPI and BoJ minutes will be released in short.

Immediate support to the downside for AUD/USD lies at recent fresh weekly lows 1.0443, followed by Oct 18 highs at 1.0410, and Jan 04 lows at 1.0392. To the upside, nearest term resistance comes at Nov 07 highs/past Friday's lows 1.0481/4, followed by Jan 14 lows/Wednesday's/Monday's highs at 1.0520/5, and lows and past Friday's highs at 1.0560.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS