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AUD/USD recovery falters at 0.8950 region

FXstreet.com (New York) – The AUD/USD technical pair could not continue its steadfast recovery, instead capping at the 0.8950 region and turning lower during the afternoon of US trading.

AUD/USD strategic bias

According to the Technical Analyst Team at ICN.com, “The AUD/USD completed a minor correction towards 0.9000 level yesterday, before heading lower again, resuming the bearish bias and acquiring 0.8935 first target. Further downside remains the most likely scenario, as price breaks below the previous low at 0.8930, eying 0.8845 as the next main downside target.”

AUD/USD technical levels

Given the recent recovery, losses have been reduced, though still are quite sizable …read more