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4 Mar 2013
Forex: AUD/USD recovers from 8-month low
The Australian dollar has managed to trim part of its steep losses against the dollar during the European session, after a sharp sell-off sent the AUD/USD to a new 8-month low of 1.0114.
However, the Aussie remains among the worst performers today, having broken below several support levels such as 1.0180 and 1.0150. At time of writing, AUD/USD is trading around 1.0140/45, where it records a 0.5% loss on Monday.
As for technical levels, on the downside next supports could be found at 1.0114 (intraday low), 1.0100 (low Jul 12) and 1.0030 (low Jun 29). On the upside, resistances are seen at 1.0160 (20-hour SMA), 1.0200 (psychological level) and 1.0240 (high Mar 1).
However, the Aussie remains among the worst performers today, having broken below several support levels such as 1.0180 and 1.0150. At time of writing, AUD/USD is trading around 1.0140/45, where it records a 0.5% loss on Monday.
As for technical levels, on the downside next supports could be found at 1.0114 (intraday low), 1.0100 (low Jul 12) and 1.0030 (low Jun 29). On the upside, resistances are seen at 1.0160 (20-hour SMA), 1.0200 (psychological level) and 1.0240 (high Mar 1).