AUD/USD has accelerated its downward movement after Australia has posted a AUD 480.0 million trade deficit, far below the expected AUD 1.0 billion surplus, adding to the pessimism already surrounding the cross after the dovish comments by RBA’s G.Stevens in yesterday’s session.
C.Harmer, analyst at Charmer Charts, remarks the steep downside breaking below 1.0290 and hitting 1.0265, adding that the cross should hold at this level… “unless we lose 1.0230...if this is the case look for 1.0123 within the next few sessions…”
According to the expert, resistance levels lie at 1.0305, 1.0340, 1.0370 and 1.0425 while supports are located at 1.0265, 1.0230, 1.0123 and 1.0075
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