AUD/USD slide halted at 200 day MA .. at least for now

Author: Pete Jackson | Category: News

Looks like the 1.0342 level is proving pivotal this morning and it also coincides with a 61.8%  retracement of the September rally from 1.0167 to 1.0625.

There is some further tech support just below around 1.0320/25 ( Sept 11/12 lows 1.0323) ahead of  1.0300 where good bids lie from  sovereigns and Swiss names. The topside is loaded up with  real money and hedge fund offers  from 1.0380 up to 1.0400 which is likely to cap any short term rally

EUR/AUD is also helping maintain the downward pressure on AUD/USD  and a break higher in the cross through 1.2460 is likely  to accelerate quickly up through 1.2500. Downside support now sits  around 1.2400 with the 200 day MA at 1.2403 coming into play.

AUD/JPY has also felt the pressure, with stops recently tripped down through 80.50, on the back of EUR/JPY sales, to lows of 80.38 and is now targeting the psychological 80.00 level where large sell stops loom.

AUD’s currently around 1.0350