25 Jul 2013
AUD/USD cannot overtake 0.9200 barrier
FXstreet.com (New York) - The AUD/USD foreign exchange rate found its rally capped at the 0.9200 region, unable to effectively breach the aforementioned barrier, topping out at 0.9196 (session high) Thursday.
In the United States, Durable Goods Orders rose +4.2% in June, crushing expectations of only +0.5%. Moreover, Durable Goods Orders ex Transportation (June) came in unchanged, missing estimates of +0.5%. Finally, Initial Jobless Claims (July 19) were reported at 343K, against projections calling for 340K.
AUD/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The AUD/USD charted an outside day to the downside and attention has reverted to support. The intraday charts are suggesting that the current correction has run its course and given that the market remains capped by key resistance at 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010) our negative bias is entrenched. To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000.”
In light of the recent easing, the AUD/USD is presently trading in the area of 0.9172 in these moments, still up a modest +0.08% above its opening. Resistive means will trigger if the pair retests 0.9236, onto 0.9318, and 0.9325, calculates the Danske Research Team.
In the United States, Durable Goods Orders rose +4.2% in June, crushing expectations of only +0.5%. Moreover, Durable Goods Orders ex Transportation (June) came in unchanged, missing estimates of +0.5%. Finally, Initial Jobless Claims (July 19) were reported at 343K, against projections calling for 340K.
AUD/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The AUD/USD charted an outside day to the downside and attention has reverted to support. The intraday charts are suggesting that the current correction has run its course and given that the market remains capped by key resistance at 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010) our negative bias is entrenched. To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000.”
In light of the recent easing, the AUD/USD is presently trading in the area of 0.9172 in these moments, still up a modest +0.08% above its opening. Resistive means will trigger if the pair retests 0.9236, onto 0.9318, and 0.9325, calculates the Danske Research Team.