11 Jun 2013
AUD/USD treading water below 0.9500
After gapping down sharply to open the week at 0.9399, the AUD/USD was able to find bids just below the 0.9400 level and finished the day up 62 pips at 0.9461. Economic data from Australia due out later in the session at 1:30 GMT includes Home Loans, Investment Lending for Homes, and National Australia Bank’s Business Confidence.
Sean Lee of FXWW noted the ability of the pair to hold the previous lows is an important development, and could help lead to additional gains over the next few days. “The AUD/USD sell-off stalled yesterday at .9390, which is an important level being the low from October 2011, and ACBs were reportedly buying in decent size. The short-term technical target is yesterday’s gap opening at .9500,” Lee concluded.
The FXstreet.com Trend Index remains in slightly bullish set up on the 1 hour chart, while the ob/os index reads neutral. Initial resistance sits at 0.9500 (previous support, now resistance on daily chart), followed by 0.9576 (the 9dma). First support sits at 0.9444 (the 20dma on 1 hour chart), followed by 0.9390 (previous session low).
Sean Lee of FXWW noted the ability of the pair to hold the previous lows is an important development, and could help lead to additional gains over the next few days. “The AUD/USD sell-off stalled yesterday at .9390, which is an important level being the low from October 2011, and ACBs were reportedly buying in decent size. The short-term technical target is yesterday’s gap opening at .9500,” Lee concluded.
The FXstreet.com Trend Index remains in slightly bullish set up on the 1 hour chart, while the ob/os index reads neutral. Initial resistance sits at 0.9500 (previous support, now resistance on daily chart), followed by 0.9576 (the 9dma). First support sits at 0.9444 (the 20dma on 1 hour chart), followed by 0.9390 (previous session low).