1 Jul 2013
AUD/USD breaking above 0.9180
FXstreet.com (Barcelona) - The Aussie is last at 0.9166 bids, off fresh session highs at 0.9176, posted on the back of better than expected China PMI showing a 50.1 lecture vs 50.0 anticipated. The pair has been stabilizing around current quotes for last hour of trading, while Australian ASX index is among big losers in the region down -1.57%.
Strong resistance in the way up
Following Moody's agency reaffirming AAA credit rating, FXWW founder Sean Lee believes the AUD/USD has a “strong short-term technical resistance near .9215.” He goes on to add: “If the bears are to maintain the current strong downside momentum, they will need to defend important technical resistance levels like .9215. This is where the 1-hour downtrend and the 61.8% retracement of .9330/.9110 converge.”
Key technical levels
Immediate resistance to the upside for AUD/USD shows at recent session highs 0.9176, followed by June 21 lows at 0.9182, and June 25 lows at 0.9195. To the downside, closest support lies at June 20 lows 0.9162, followed by June 24 lows at 0.9146, and Friday's/recent session lows at 0.9111/06.
Strong resistance in the way up
Following Moody's agency reaffirming AAA credit rating, FXWW founder Sean Lee believes the AUD/USD has a “strong short-term technical resistance near .9215.” He goes on to add: “If the bears are to maintain the current strong downside momentum, they will need to defend important technical resistance levels like .9215. This is where the 1-hour downtrend and the 61.8% retracement of .9330/.9110 converge.”
Key technical levels
Immediate resistance to the upside for AUD/USD shows at recent session highs 0.9176, followed by June 21 lows at 0.9182, and June 25 lows at 0.9195. To the downside, closest support lies at June 20 lows 0.9162, followed by June 24 lows at 0.9146, and Friday's/recent session lows at 0.9111/06.