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AUD/USD Finds Support At 6-Year Low -

Sep, 03rd 05:08

The AUD/USD pair surged in the American afternoon, after reaching a fresh 6-year low of 0.6981 earlier in the day.

The decline was triggered by Australian GDP readings for the second quarter of this 2015, down to 0.2% against previous 0.9% and expectations of 0.4%.

The ongoing recovery seems more corrective than a confirmation of further gains, as the pair remains well below its weekly opening, and with the daily chart showing that it continues to post lower lows and lower highs.

The 1 hour chart shows that the price stands now above its 20 SMA, whilst the technical indicators present a tepid upward potential above their mid-lines, although lacking momentum at the time being.

aud3

In the 4 hours chart, the 20 SMA maintains a strong bearish slope, providing a dynamic resistance around 0.7100, whilst the technical indicators are now bouncing from oversold levels, but remain well below their mid-lines.

A recovery above the 0.7100 level should favor additional intraday gains, but selling interest will likely resume on an approach to the 0.7200 price zone.

Support levels: 0.6980 0.6950 0.6915

Resistance levels: 0.7070 0.7100 0.7140

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