23 Jul 2013
AUD/USD finds support around 0.9230
FXstreet.com (Edinburgh) -After bottoming out in the boundaries of 0.9230, the AUD/USD is now picking up pace again and retaking the 0.9240/45 area on Tuesday.
AUD/USD upside lacks of vigour
The pair is trading in the red territory after two consecutive sessions posting gains, being rejected once again in the vicinity of 0.9300 the figure. In the opinion of Jane Foley, Senior Currency Strategist at Rabobank, “The narrowing in AUS-US interest spreads, coupled with the news that the Chinese authorities are prepared to provide some fresh underpinnings to growth should lead to a reduction in short AUD positions. Consequently we favour buying AUD/USD on dips into the RBA policy meeting on August 6”.
AUD/USD key levels
The pair is now retreating 0.14% at 0.9236 facing the next support at 0.9187 (MA10d) ahead of 0.9175 (low Jul.22) and then 0.9155 (low Jul.19). On the upside, a break above 0.9286 (high Jul.23) would aim for 0.9292 (high Jul.17) and then 0.9301 (38.2% of 0.9792-0.8998).
AUD/USD upside lacks of vigour
The pair is trading in the red territory after two consecutive sessions posting gains, being rejected once again in the vicinity of 0.9300 the figure. In the opinion of Jane Foley, Senior Currency Strategist at Rabobank, “The narrowing in AUS-US interest spreads, coupled with the news that the Chinese authorities are prepared to provide some fresh underpinnings to growth should lead to a reduction in short AUD positions. Consequently we favour buying AUD/USD on dips into the RBA policy meeting on August 6”.
AUD/USD key levels
The pair is now retreating 0.14% at 0.9236 facing the next support at 0.9187 (MA10d) ahead of 0.9175 (low Jul.22) and then 0.9155 (low Jul.19). On the upside, a break above 0.9286 (high Jul.23) would aim for 0.9292 (high Jul.17) and then 0.9301 (38.2% of 0.9792-0.8998).