FXstreet.com (London) - Aussie dollar has weakened in early trading against the Dollar. Gold traded up nearly $10 in last Fridays US session and this could be seen as a support for AUS in the Asian session.
Gold is strongly tied to the Australian economy and the AUD. The pair is currently trading at 0.8874/9, down 13 pips from the open.
First resistance is at 0.8914 (previous session high), and after that 0.8977 (strong consolidation zone on 16 Dec). For support should the downtrend continue into the session first barrier will be at 0.8808 (Dec 17 Low).
James Chen, of FX Solutions, comments on some resistance and support ideas: In the event of further AUD/USD bearishness that drops below 0.8800, which would confirm a continuation of the trend reversal, price should target further downside support in the 0.8600 price region. Tentative upside resistance within the context of the current bearishness tentatively resides in the 0.8950 price region.