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Forex: AUD/USD holds bearish tone, looking for new range

By FXstreet.com,  March 17, 2011, 07:28:00 PM EDT

FXstreet.com (Barcelona) - Current price still hold a soft tone slighty below 0.9800. With the Aussie having fallen over 400 pips this week alone, "general consensus seems to be that we will find a new 400 pip trading range which we will slip into for an extended period, similar to the .9800/1.0200 previous range for Jan/Mar" explains Sean Lee at Forexlive.

Short term view, Valeria Bednarik, Chief Analyst at FXstreet.com said: "Recovering above 0.9800, hourly indicators are still weak in the AUD/USD while price is capped below 20 SMA, suggesting the upside will remain pretty much limited, probably by the 0.9880 static resistance zone. 4 hours chart shows 20 SMA with a strong bearish slope, while price action also supports a bearish continuation for the upcoming hours, putting 0.9660 strong static midterm support at sight".

Support levels: 0.9800 0.9760 0.9710, Resistance levels: 0.9840 0.9880 0.9920




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

Referenced Stocks:



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