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Forex: AUD/USD falls toward 1.0500

By FXstreet.com,  December 13, 2012, 03:22:00 PM EDT

FXstreet.com (Córdoba) - The Australian dollar fell sharply versus the greenback during the American afternoon as risk sentiment deteriorated and stocks turned decisively lower after House Speaker John Boehner said spending to be the issue preventing a deal to avert 'fiscal cliff'.

AUD/USD lost over 50 pips within the last hours before finding support at 1.0507. However, the pair remains vulnerable, presently trading at the 1.0510 area, 0.4% below its opening price. At current levels, the AUD would be posting its first loss after 5 days of gains.

Below 1.0500, immediate supports could be found at 1.0490 (10-day SMA) and 1.0460 (Dec 11 low), while on the other hand, resistances could be found at 1.0545 (intraday level), 1.0565 (intraday high) and 1.0585 (Dec 12 high).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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