Back
13 Mar 2014
AUD/USD retreats amid risk aversion
FXStreet (Córdoba) - The AUD/USD came under pressure during the American afternoon and surrendered gains along with stocks that turned negative in Wall Street.
The AUD/USD rallied to a weekly high of 0.9102 at the beginning of the session but a bout of risk aversion coupled with technical rejection sent the pair back to the 0.9030 zone. "The combination of nerves over Chinese growth and the potential unraveling of their credit boom along with growing concerns that Russia will swallow more territory in eastern Ukraine has markets on edge", said Jamie Coleman, editor at FXBeat.
AUD/USD levels to watch
In terms of technical levels, on the downside supports are seen at 0.8985 (Mar 13 low), 0.8928 (50-day SMA) and 0.8900 (psychological level). On the upside, resistances could be found at 0.9100/02 (psychological level/Mar 13 high) and 0.9132 (Mar 7 high) ahead of 0.9160 (200-day SMA).
The AUD/USD rallied to a weekly high of 0.9102 at the beginning of the session but a bout of risk aversion coupled with technical rejection sent the pair back to the 0.9030 zone. "The combination of nerves over Chinese growth and the potential unraveling of their credit boom along with growing concerns that Russia will swallow more territory in eastern Ukraine has markets on edge", said Jamie Coleman, editor at FXBeat.
AUD/USD levels to watch
In terms of technical levels, on the downside supports are seen at 0.8985 (Mar 13 low), 0.8928 (50-day SMA) and 0.8900 (psychological level). On the upside, resistances could be found at 0.9100/02 (psychological level/Mar 13 high) and 0.9132 (Mar 7 high) ahead of 0.9160 (200-day SMA).