© Dukascopy Bank SA
A fairly sharp rally AUD/USD started at 0.8848 was not sustained for long. The upward impetus was already exhausted when the currency pair approached 0.9221 this Monday. Since then the Australian Dollar has been gradually depreciating relative to the U.S. Dollar, but at the same time has been marking the borders of the corridor it has been trading within. Hence, the important resistance that is securing the bearish outlook may be found at 0.9195, while the near-term decline should be limited by the falling trend-line at 0.9064, it is currently being strengthened by the daily S1, while the 200-hour SMA may also become a hindrance for the bearish tendency to develop further.
© Dukascopy Bank SA