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12 Jul 2013
AUD/USD in a tight range
FXstreet.com (London) - AUD/USD is keeping t0oa tight rage between 0.960 and 0.9150 in European markets.
AUD/USD has fallen from 0.9190 overnight, extending the downside from over the 0.9300 handle seen earlier in the week since the FOMC minutes. We have some US data this afternoon in the form of the Michigan Consumer Sentiment at 13.55GMT. This could add something to an otherwise quiet looking end to a very choppy week.
AUD/USD’s rally is viewed as corrective only.
Key resistance is regarded as 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010), and while capped here our negative bias is entrenched said Karen Jones, chief analysts at Commerzbank. To trigger another leg lower her team suspects that the market will need to break back below 0.9000. “A close below 0.9147 has seen recently and longer term the next target of 0.8550 engage en route to 0.8068, the 2010 low”.
AUD/USD has fallen from 0.9190 overnight, extending the downside from over the 0.9300 handle seen earlier in the week since the FOMC minutes. We have some US data this afternoon in the form of the Michigan Consumer Sentiment at 13.55GMT. This could add something to an otherwise quiet looking end to a very choppy week.
AUD/USD’s rally is viewed as corrective only.
Key resistance is regarded as 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010), and while capped here our negative bias is entrenched said Karen Jones, chief analysts at Commerzbank. To trigger another leg lower her team suspects that the market will need to break back below 0.9000. “A close below 0.9147 has seen recently and longer term the next target of 0.8550 engage en route to 0.8068, the 2010 low”.