30 Jul 2013
AUD/USD stuck in short-term range between 0.9297 and 0.9131
FXstreet.com (Barcelona) - The Aussie Dollar / US Dollar (AUDUSD) cross remains in a fairly tight trading range between 0.9297 and 0.9131 but it has started to move lower in the last two sessions.
AUD/USD traders readying themselves for a big move in either direction
With the Reserve Bank of Australia’s Governor Stevens scheduled to speak at 03:05 GMT Tuesday, the short-term grinding action is likely to continue for the next several hours at the very least. The Australian powers-that-be have recently been more out front with their willingness to maintain their dovish stance on things in order to desire to stimulate their economy and counter the weakness emanating from China. AUD/USD traders will be eager to see if that trend of action and words continues.
Technical outlook for AUD/USD
Technicians are saying that AUD/USD below 0.9297 is troublesome and a close below 0.9131 would be downright bearish. Past the short-term resistance at 0.9297, the next resistance comes in at the June 26th peak at 0.9344 and is further backed up by Fibonacci resistance at 0.9390. Short-term support beyond the 0.9131 level comes in at the July 12th intraday low at 0.8997 and is followed by open space below that.
AUD/USD traders readying themselves for a big move in either direction
With the Reserve Bank of Australia’s Governor Stevens scheduled to speak at 03:05 GMT Tuesday, the short-term grinding action is likely to continue for the next several hours at the very least. The Australian powers-that-be have recently been more out front with their willingness to maintain their dovish stance on things in order to desire to stimulate their economy and counter the weakness emanating from China. AUD/USD traders will be eager to see if that trend of action and words continues.
Technical outlook for AUD/USD
Technicians are saying that AUD/USD below 0.9297 is troublesome and a close below 0.9131 would be downright bearish. Past the short-term resistance at 0.9297, the next resistance comes in at the June 26th peak at 0.9344 and is further backed up by Fibonacci resistance at 0.9390. Short-term support beyond the 0.9131 level comes in at the July 12th intraday low at 0.8997 and is followed by open space below that.