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19 Dec 2013
AUD/USD recovers from 3-year low
FXstreet.com (Córdoba) - The AUD/USD managed to recover some ground throughout the European session after falling to its lowest level in over 3 years, weighed by the Fed taper decision.
On Wednesday, the AUD/USD broke below the 0.8847 level (Aug 5 low) and dipped to a low of 0.8820, last seen Aug 25 2010 before finding support. Despite another attempt at lows during the Asian session, buyers reappeared at the 0.8820 area sending the AUD/USD to a high of 0.8875 most recently. At time of writing, the pair is trading around 0.8865, slightly higher on the day but vulnerable near 3-year lows.
AUD/USD levels to watch
If the AUD/USD breaks below 0.8820, it could fall towards 0.8800 en route to 0.8769 (Aug 25 2010 low). On the upside, resistances are now seen at 0.8875 (daily high), 0.8900 (psychological level) and 0.8943 (Dec 18 high).
On Wednesday, the AUD/USD broke below the 0.8847 level (Aug 5 low) and dipped to a low of 0.8820, last seen Aug 25 2010 before finding support. Despite another attempt at lows during the Asian session, buyers reappeared at the 0.8820 area sending the AUD/USD to a high of 0.8875 most recently. At time of writing, the pair is trading around 0.8865, slightly higher on the day but vulnerable near 3-year lows.
AUD/USD levels to watch
If the AUD/USD breaks below 0.8820, it could fall towards 0.8800 en route to 0.8769 (Aug 25 2010 low). On the upside, resistances are now seen at 0.8875 (daily high), 0.8900 (psychological level) and 0.8943 (Dec 18 high).