AUD / USD – Drifting Lower and Trying to Stay Above 1.0350

Having enjoyed a solid run up starting at the beginning of June, the AUD / USD then started to show clear signs of tiring and easing off as it fell sharply back to 1.02 throughout August. It rallied a little running into an obstacle at 1.04 and many signs were then pointing towards a rolling over and a return back towards 1.02 and lower.

Throughout the first half of September however, the AUD / USD had an amazing turnaround pushing back towards 1.06. This level was always going to cause a potential problem having been a brick wall of resistance in early August. It didn’t let anyone down as the AUD / USD was able to pop through on a couple of ocassions in the middle of last month but was strongly forced back.  For the most part of the last couple of weeks, the AUD/USD has traded within a narrow range between 1.04 and 1.0450 although presently it is placing pressure on the short term support level at 1.0350.  (Daily chart below)

AUD/USD Technical

• During the early hours of the Asian trading session on Monday, the AUD / USD has continued to ease off slightly and settle at the 1.0350 level.
• The AUD / USD finished last week moving lower strongly pushing back through 1.04.
• Current range: Trying to hold on above 1.0350.

Further levels in both directions:

• Below: 1.0350, and 1.0200.
• Above: 1.0450, 1.0500, and 1.0600.