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Forex: AUD/USD pares loses, approaches Friday's high at 0.8945

By FXstreet.com,  August 23, 2010, 04:06:00 AM EDT

FXstreet.com (Barcelona) - Australian Dollar dropped about 100 pips lower on Asian opening, weighed after general election resulted in a minority government, to find support at 0.8840 and bounce up through Asian and early European trade, reaching 0.8930 so far, 15 pips below Friday's high.

Above 0.8945, the pair could see stronger recovery, says the FXMarketAlerts Team: " Firmer in range though above the .8905/20 area see resistance at 8943, Fri's high. Above this will see stronger recovery though more resistance seen at .9000/19 area."

On then downside, the FXMarketAlerts Team points out to 0.8841 and 0.8800 support levels: "Lower high sought to further pressure .8841 low, break see further losses to .8800 then .8770 and .8737."




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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