FXstreet.com (London) - AUD made gains against a weakened greenback in the previous session. The pair is now trading very light on Christmas Eve. Just two sessions ago the pair hit a 10 and a half week low against the Dollar and currently trades at 0.8811, buoyed 88 pips from the previous session lows, as Dollars longs took profits.
Kshitij Consultancy guides us on supports and resistance levels for the lightly traded pair this session: Remember 0.8700 is a significant Support level seen on the monthly chart. We may expect a bounce back from this Support level. However, if it continues to trade strong on the downside, a break below 0.8700 might pull it further down towards 0.8600-0.8575. Any sharp upmove is not looking likely now and we expect the Resistance in 0.8835-65 region to hold if any bounce back is seen…
Strong gold prices, helped by sluggish new home sales in the US, also helped the Aussie. The precious metal rose $15 in the previous session, but failed to breach $1100. This session gold has traded in a tight range up just $1 on the open, and trading at $1092.96.