4 Sep 2013
AUD/USD breached 0.9100
FXstreet.com (Edinburgh) -The Aussie dollar is trading in an upbeat mood on Wednesday, with the AUD/USD extending the weekly upside to levels beyond the key resistance at 0.9100.
AUD/USD boosted by risk, data
Better results from the Chinese Services PMI in combination with Australian GDP figures beating expectations during the second quarter have given extra fuel to the AUD rally, rapidly leaving behind the 0.9100 handle. Tuesday’s generalized risk-on trade as also been a factor supporting the Aussie dollar. “Longer term we will remain negative while below key resistance at .9388/.9404 (2011 low and 2009 high) with our downside target being seen at .8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is .7700”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
AUD/USD levels to watch
As of writing the pair is advancing 0.65% at 0.9121 facing the next hurdle at 0.9133 (high Aug.20) followed by 0.9200 (psychological level) and then 0.9234 (high Aug.19). On the flip side, a break below 0.9048 (MA21d) would expose 0.8981 (low Sep.3) and then 0.8963 (low Sep.2).
AUD/USD boosted by risk, data
Better results from the Chinese Services PMI in combination with Australian GDP figures beating expectations during the second quarter have given extra fuel to the AUD rally, rapidly leaving behind the 0.9100 handle. Tuesday’s generalized risk-on trade as also been a factor supporting the Aussie dollar. “Longer term we will remain negative while below key resistance at .9388/.9404 (2011 low and 2009 high) with our downside target being seen at .8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is .7700”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
AUD/USD levels to watch
As of writing the pair is advancing 0.65% at 0.9121 facing the next hurdle at 0.9133 (high Aug.20) followed by 0.9200 (psychological level) and then 0.9234 (high Aug.19). On the flip side, a break below 0.9048 (MA21d) would expose 0.8981 (low Sep.3) and then 0.8963 (low Sep.2).