Back
19 Mar 2015
AUD/USD consolidates losses below 0.77
FXStreet (Mumbai) - AUD/USD extended its downslide from the Asian session and remained deep in red during the European session as dust settled over FOMC statement and the Aussie resumed its bearish tone amid high volatility and heavy gains in the US dollar.
AUD/USD bounces-off 0.7654
Currently, the AUD/USD sinks -1.33% at 0.7669, sharply slipping below 0.77 handle and retracing to pre-FOMC levels. The AUD/USD pair continues to be relentlessly sold-off on the back of a strengthening US dollar across the board, regaining levels seen before FOMC statement.
The US dollar took a beating on Wednesday, as the FOMC surprised markets with its dovish tone. Massive short squeezes happened and stopped out most investors. The longer-term trend is still bearish for AUD/USD, and any correction is still seen only as a better entry opportunity.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7700 levels, above which gains could be extended to 0.7750 levels. On the flip side, support is seen at 0.7650 levels from here it to 0.7600 levels.
AUD/USD bounces-off 0.7654
Currently, the AUD/USD sinks -1.33% at 0.7669, sharply slipping below 0.77 handle and retracing to pre-FOMC levels. The AUD/USD pair continues to be relentlessly sold-off on the back of a strengthening US dollar across the board, regaining levels seen before FOMC statement.
The US dollar took a beating on Wednesday, as the FOMC surprised markets with its dovish tone. Massive short squeezes happened and stopped out most investors. The longer-term trend is still bearish for AUD/USD, and any correction is still seen only as a better entry opportunity.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7700 levels, above which gains could be extended to 0.7750 levels. On the flip side, support is seen at 0.7650 levels from here it to 0.7600 levels.