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3 Mar 2014
AUD/USD recovery loses steam
FXStreet (Córdoba) - Even though the Australian dollar managed to fill the weekly opening gap and erase daily losses versus the greenback, the recovery was capped during the European session.
The AUD/USD bounced off a 1-month low of 0.8890 and climbed more than 50 pips throughout the day, although it lacked momentum to break above the 50-hour SMA at 0.8940 and retreated somewhat. At time of writing, the AUD/USD is trading at the 0.8920 zone, little changed on the day, as investors refrain from taking big positions amid escalating turmoil in Ukraine.
AUD/USD levels to watch
In terms of technical levels, the AUD/USD could find immediate resistances at 0.8940 (50-hour SMA), 0.8970 (21-day SMA) and 0.9000 (psychological level). On the flip side, supports are seen at 0.8890 (Mar 3 low), 0.8872 (Feb 5 low) and 0.8832 (Feb 3 high).
The AUD/USD bounced off a 1-month low of 0.8890 and climbed more than 50 pips throughout the day, although it lacked momentum to break above the 50-hour SMA at 0.8940 and retreated somewhat. At time of writing, the AUD/USD is trading at the 0.8920 zone, little changed on the day, as investors refrain from taking big positions amid escalating turmoil in Ukraine.
AUD/USD levels to watch
In terms of technical levels, the AUD/USD could find immediate resistances at 0.8940 (50-hour SMA), 0.8970 (21-day SMA) and 0.9000 (psychological level). On the flip side, supports are seen at 0.8890 (Mar 3 low), 0.8872 (Feb 5 low) and 0.8832 (Feb 3 high).