More from FXstreet.com

Forex: AUD/USD staging a bounce from 0.8795

By FXstreet.com,  August 24, 2010, 08:55:00 PM EDT

FXstreet.com (Córdoba) - The Australian dollar was under pressure on Tuesday amid risk aversion, sentiment that was increased after U.S. home sales data dropped to the lowest level since May 1995. AUD/USD consolidated a daily decline of 1.10%, closing the day at 0.8814 after reaching a fresh 1-month low at 0.8795 from where it bounced.

Currently AUD/USD is trading at the 0.8850 area, where is testing the 20 SMA in the hourly charts.

"Static resistance area around 0.8860/80 should keep the upside limited now. In the case of a recovery above those levels, pair could rally towards 0.8920 before finding an intraday top. As long as capped by that 0.8860/80 area, bias remains to the downside in the pair", said Valeria Bednarik, analyst at FXstreet.com.

Support levels: 0.8800 0.8770 0.8740. Resistance levels: 0.8870 0.8920 0.8945.




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:



Latest News Video

Is Yahoo Trying To Buy Hulu?
Is Yahoo Trying To Buy Hulu?        
Police Say Woman Faked Her Own Kidnapping
Police Say Woman Faked Her Own Kidn...


Sign-in
Existing NASDAQ.com member? Log in here.

By signing into to the site using any of the third-party services above, you agree to NASDAQ.com's Terms of Use.

From Our Trusted News Source





Most Active by Volume:

Company Last Sale Change Net / %
BAC $ 13.24 0.03  0.23%
FB $ 24.32 0.74  2.95%
SIRI $ 3.58 0.04  0.99%
GE $ 23.53 0.13  0.55%
PFE $ 29.04 0.07  0.24%
MSFT $ 34.27 0.12  0.35%
INTC $ 23.93 0.12  0.50%
P $ 16.43 0.73  4.25%