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14 Jun 2013
AUD/USD returns to sub 0.9600
FXstreet.com (Edinburgh) - The AUD/USD is netting strong gains during the week, managing to recover ground from multi-month lows around 0.9320 on Tuesday to Thursday’s tops near 0.9670.
AUD/USD posed for further pullbacks
However, the pair would resume its more ample negative trend as soon as the USD extreme positioning reverses and the Fed’s ‘tapering’ returns to the headlines. In the view of I.Spivak, Currency Analyst at DailyFX, “Prices are attempting a recovery from support at 0.9388, the 38.2% Fibonacci expansion, as expected. A break above near-term resistance at 0.9542, the 23.6% level, exposes the June 3 high at 0.9791. Alternatively, a push beneath 0.9388 exposes the 50% Fib at 0.9264”.
Key levels to watch in AUS/USD
At the moment the pair is retreating 0.53% at 0.9588 and a breakdown of 0.9571 (MA10d) would open the door to 0.9567 (low Jun.14) and finally 0.9430 (low Jun.13). On the upside, resistance levels are located at 0.9675 (high Jun.4) ahead of 0.9792 (high Jun.3) and then 0.9828 (high May 22).
AUD/USD posed for further pullbacks
However, the pair would resume its more ample negative trend as soon as the USD extreme positioning reverses and the Fed’s ‘tapering’ returns to the headlines. In the view of I.Spivak, Currency Analyst at DailyFX, “Prices are attempting a recovery from support at 0.9388, the 38.2% Fibonacci expansion, as expected. A break above near-term resistance at 0.9542, the 23.6% level, exposes the June 3 high at 0.9791. Alternatively, a push beneath 0.9388 exposes the 50% Fib at 0.9264”.
Key levels to watch in AUS/USD
At the moment the pair is retreating 0.53% at 0.9588 and a breakdown of 0.9571 (MA10d) would open the door to 0.9567 (low Jun.14) and finally 0.9430 (low Jun.13). On the upside, resistance levels are located at 0.9675 (high Jun.4) ahead of 0.9792 (high Jun.3) and then 0.9828 (high May 22).