AUDUSD

With the USD firming up pretty much across the board (except vs. the JPY), the AUD remained under pressure.  The pair did find strong support however at the 61.8% Fibonacci level or .8100.  

The USD was able to gain momentum today as traders were apparently selling currencies of further troubled economies. The EURUSD creeped towards 6-month lows as the AUDUSD hit a 7-month low. The AUDUSD has found some nice support here around the 0.0% Fibonacci level below, which was a low on 8/13, as the pair has been unable to really break and run through.

The 200 hour MA comes in at 0.8742.  Should find resistance at this level. 

The AUDUSD broke above the 100 hour moving average earlier today reaching a high of 0.8756.  However, the gains have not been maintained and the pair moved back below the MA trading to a low of 0.8684. 

The waffling suggests the pair is consolidating as it awaits the next move spurred by fundamental news.   A break of the 0.8790 or 0.8590 level will give the next clue for a bigger correction or continued selling with the longer trend.

Some profit taking may ensue.

The AUDUSD broke through the support line at 0.8717.    Expect to see sellers against at 0.8725 stop now.

SEE Previous post 

As per the previous post, (click here) the AUDUSD tested the hourly trendline currently at 0.8717 level, and had a low of 0.8717.  A break of the line is needed to solicit additional selling. 

The AUDUSD tested key resistance today at the 0.8786 level but failed to break higher (high was 0.8790). The level corresponded with the 100 hour moving average (currently comes in at 0.8782). 

The pair is now trading at the 0.8737 level and moving toward trendline support at the 0.8713 level.  This level should attract some buying.

Although the lows for the USDCAD, AUDUSD and NZDUSD have not been breached, the pairs are being pressured again as gold, oil and commodities remain pressured.  .  The High on Friday for USDCAD came in at 1.0695, while the lows in AUDUSD was 0.8836 today and the NZDUSD has a double bottom at 0.6980 (Friday and today).  Breaks of these levels will solicit more selling.

The AUD hit a 4 month low vs. the USD, falling down to 0.9175 during the overnight trading sessions.  Comments from the Australian Central Bank confirming views that they are open to an interest cut along with a significant drop in metals contributed to this sharp move.  The AUDUSD is trading slightly off these lows about an hour before the NY trading session, which will consist of the FED Interest Rate Decision and Statement, gets underway.