10 Jul 2013
AUD/USD upside capped by 0.9220
FXstreet.com (Edinburgh) - After a couple of failed bull attempts to the 0.9220 area, the AUD/USD has been rejected to the current proximities of 0.9200 the figure, trading in an upbeat tone after Chines trade surplus.
AUD/USD extends the correction higher
The AUD is advancing for the third consecutive session on Wednesday, picking up pace after hitting multi-year lows around 0.9030. In the domestic data front, the Consumer Confidence index sponsored by Westpac dropped a tad for July to 102.1 from 102.2. According to analysts at Westpac, “Given IMM specs held record short AUD/USD positions last week, the Aussie probably has a little more fuel for short-covering near term but we doubt it will extend beyond say 0.9250. The next 2 cents on the pair should be down”.
AUD/USD levels to watch
At the moment the pairs is up 0.17% at 0.9190 facing the next resistance at 0.9250 (high Jul.2) and then 0.9253 (high Jul.1). On the downside, a break below 0.9169 (MA10d) would bring 0.9083 (low Jul.9).
AUD/USD extends the correction higher
The AUD is advancing for the third consecutive session on Wednesday, picking up pace after hitting multi-year lows around 0.9030. In the domestic data front, the Consumer Confidence index sponsored by Westpac dropped a tad for July to 102.1 from 102.2. According to analysts at Westpac, “Given IMM specs held record short AUD/USD positions last week, the Aussie probably has a little more fuel for short-covering near term but we doubt it will extend beyond say 0.9250. The next 2 cents on the pair should be down”.
AUD/USD levels to watch
At the moment the pairs is up 0.17% at 0.9190 facing the next resistance at 0.9250 (high Jul.2) and then 0.9253 (high Jul.1). On the downside, a break below 0.9169 (MA10d) would bring 0.9083 (low Jul.9).