AUD/USD is gaining downside momentum

FXStreet (Moscow) - AUD/USD paused at the support level of 0.8950 after a nose dive below 0.9000 to the intraday low 0.8939

Aussie bulls have capitulated

AUD/USD tested the lows of 0.8989 on Wednesday as investors liked FOMC minutes and happily bought US Dollars across the board, but managed to finish the day just above the key support of 0.9000. Though Asian traders succeeded where their American peers failed. They drove the Aussie deeply below 0.9000 to the next strong support of 0.8940. The medium demand spotted just below that level may limit the downside for the time being, but the selling pressure is still high and the short-term technical picture is very gloomy. As the key Asian events are behind us, AUD/USD may stabilize and consolidate the incurred losses. The bears need to recover breath. Until the support of 0.8945/40 is intact, the bulls have a chance to steal initiative and drive Aussie back to 0.9000, though this resistance will be hard to overcome this time. The move below 0.8945/40 will open the way to 0.8918 (55-day MA) and then to 0.8900.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.9011, with support below at 0.8976, 0.8953 and 0.8918, with resistance above at 0.9034, 0.9169 and 0.9192. Hourly Moving Averages are bearish, with the 200SMA at 0.9007 and the daily 20EMA at 0.8945. Hourly RSI is neutral at 34.