Forex: AUD/USD finds support at 1.0110 and bounces back to 1.0200

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FXstreet.com (Barcelona) - Aussie's downtrend from 1.0350 resistance on Monday has extended to 1.0110 low on European session, where the pair found support to bounce up, ahead of Wall Street's session opening to pare daily losses and return to 1.0200 area.

On the upside, the pair might find resistance at 1.0100/25 (session highs), and above here, 1.0300/10 (intra-day resistance) and 1.0350 (Nov 14 high). On the downside, support levels lie at 1.0100/10 (Nov 11 low/session low), and below here, 1.0050 (Nov 10 low) and 0.9860 (Oct 11 low).

On a wider perspective, Fan Yang, technical analyst at FXTimes sees the pair on a negative reversal, suggesting a swing projection to 0.9990 area: "There is a negative reversal (higher RSI high, and a lower price high), suggestion a swing projection that targets the 0.9990 pivot. Look at the 1.0050 pivot (also 50% retracement), and then the parity level as a potential areas of temporary support as well."



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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