Forex Marketz Daily Forex News – Fully Markets Update
AUD/USD (0.8765)
- Resistance Levels: 0.8840, 0.8970, 0.9075
- Support Levels: 0.8770*, 0.8660, 0.8570
The AUD/USD Forex pair has put in a couple of bearish reversal signals, starting with a piercing line a day or so ago. Let’s face it, since failing at the 55 daily moving average, the market has been rather bearish with sellers driving the market lower. This is good news for the Reserve Bank of Australia (RBA) as they feel the AUD price is too high and overvalued at these levels. A weak Aussie dollar would be better for the export nation and would help their economic recovery.
Let us look at the technical analysis. As we thought, the AUD/USD recent recovery failed near 0.8874 and has since then reversed course. We are probing below 0.8770 now. A daily close below that level challenges 0.8660 then 0.8570. Should we see a recovery, we need to break back above 0.8840, with a daily close. Should this happen we will move higher towards 0.8970.
