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18 Jul 2013
AUD/USD hugging 0.9240 level
FXstreet.com (New York) - The AUD/USD foreign exchange rate broke higher climbed higher Thursday morning during Asian trading, stabilizing itself after a brief stumble that enveloped the pair during US trading yesterday.
AUD/USD event risk
Later today at 01:30 GMT, Australia is slated to reveal a tranche of indicators from its leading financial institution as well as the CB Leading Indicator (May).
In these moments, the AUD/USD inched higher to 0.9246 (+0.07%), just shy of its highs at 0.9253 thus far during the Asian session. Briefing the technical levels, the AUD/USD is already streaking above resistance at 0.9235 (55-day MA), which is now acting as support. Tracing a movement higher, resistances lie at 0.9251 (July 2 high), onto 0.9261 (July 16 high).
AUD/USD strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The AUD/USD failed to overcome the 0.9300 barrier – thus far, bigger chart frames suggest is no time to call for a bottom, and risk of further falls remains intact. As for the short-term, the hourly chart shows a pretty neutral stance with price hovering around 20-day SMA and indicators barely above their midlines, yet buyers had surged on approaches to 0.9200: as long as above the level, the upside is favored although a break above 0.9300 is required to consider a stronger recovery towards strong midterm resistance around 0.9380.”
AUD/USD event risk
Later today at 01:30 GMT, Australia is slated to reveal a tranche of indicators from its leading financial institution as well as the CB Leading Indicator (May).
In these moments, the AUD/USD inched higher to 0.9246 (+0.07%), just shy of its highs at 0.9253 thus far during the Asian session. Briefing the technical levels, the AUD/USD is already streaking above resistance at 0.9235 (55-day MA), which is now acting as support. Tracing a movement higher, resistances lie at 0.9251 (July 2 high), onto 0.9261 (July 16 high).
AUD/USD strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The AUD/USD failed to overcome the 0.9300 barrier – thus far, bigger chart frames suggest is no time to call for a bottom, and risk of further falls remains intact. As for the short-term, the hourly chart shows a pretty neutral stance with price hovering around 20-day SMA and indicators barely above their midlines, yet buyers had surged on approaches to 0.9200: as long as above the level, the upside is favored although a break above 0.9300 is required to consider a stronger recovery towards strong midterm resistance around 0.9380.”