6 Feb 2014
AUD/USD holds near 3-week high
FXStreet (Córdoba) - The rally of the AUD/USD triggered by better-than-expected Australian trade balance faltered at the 0.8980 area, confining the pair to a corrective phase during European hours.
The AUD/USD extended gains Thursday and climbed to a 3-week high of 0.8980 but profit taking has put the pair under mild pressure, sending the AUD/USD back to 0.8940, previous weekly highs. The Aussie remains in demand since RBA shifted its policy bias from dovish to neutral this week.
AUD/USD technical levels
At time of writing, the AUD/USD is trading at the 0.8950 zone, recording a 0.5% gain on the day. As for technical levels, the AUD/USD could find immediate resistances at 0.8980 (Feb 6 high), 0.9000 (psychological level) and 0.9057 (Jan 14 high). On the downside, supports are seen at 0.8920 (50-day SMA), 0.8908 (Feb 6 low) and 0.8873 (Feb 5 low).
The AUD/USD extended gains Thursday and climbed to a 3-week high of 0.8980 but profit taking has put the pair under mild pressure, sending the AUD/USD back to 0.8940, previous weekly highs. The Aussie remains in demand since RBA shifted its policy bias from dovish to neutral this week.
AUD/USD technical levels
At time of writing, the AUD/USD is trading at the 0.8950 zone, recording a 0.5% gain on the day. As for technical levels, the AUD/USD could find immediate resistances at 0.8980 (Feb 6 high), 0.9000 (psychological level) and 0.9057 (Jan 14 high). On the downside, supports are seen at 0.8920 (50-day SMA), 0.8908 (Feb 6 low) and 0.8873 (Feb 5 low).