The AUD/USD has extended to the downside today amid a firmer US dollar and thus lower commodity prices which subsuquently weighs on the Aussie. The pair hsa thus dropped to a 3-week low of 1.0505 over the European session, before pulling back towards 1.0525 at time of writing in wait for further direction.
While still remaining mostly bearish, the AUD/USD could see further losses underneath the 1.0500 technical barrier with immediate support listed at 1.0489 (21-Day Lower Bolli), 1.0440 (Daily Low May 25) and 1.0390 (100-Day MA). In the case of a reversal, resistance is placed at 1.0591 (Hourly High Jun 16), 1.0626 (21-Day MA) and 1.0634 (55-Day MA).
Tags: extended weighs pulling remaining immediate reversal resistance bearish
© Copyright 2012, Inc. All rights reserved.