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26 Jun 2013
AUD/USD in highs around 0.9280
Fxstreet.com (Edinburgh) - The Aussie dollar is extending its correction higher on Wednesday, lifting the AUD/USD to fresh intraday highs in the vicinity of 0.9280.
AUD/USD broader bias remains bearish
Markets down under digested the upbeat data from the US on Tuesday, with the pair falling to the area of 0.9240 to later pick up pace and climb to session highs. “Price action below 0.9500 is still seen as forming the last legs of the slide from 1.0585. Failure to sustain levels above 0.9400 has triggered extensions of the downtrend. Although the gyrations in the 0.9150-0.9300 area lack impulse (so there is risk of yet another slide towards 0.9060-75), this still looks like a trend ripe for a correction”, commented Tim Riddell, Head of Global Markets Research at ANZ.
AUD/USD key levels
At the moment, the pair is up 0.12% at 0.9271 with the next resistance at 0.9300 (high Jun.24) ahead of 0.9314 (high Jun.20) and then 0.9325 (low Jun.11). On the downside, a breach of 0.9197 (low Jun.25) would bring 0.9148 (low Jun.24).
AUD/USD broader bias remains bearish
Markets down under digested the upbeat data from the US on Tuesday, with the pair falling to the area of 0.9240 to later pick up pace and climb to session highs. “Price action below 0.9500 is still seen as forming the last legs of the slide from 1.0585. Failure to sustain levels above 0.9400 has triggered extensions of the downtrend. Although the gyrations in the 0.9150-0.9300 area lack impulse (so there is risk of yet another slide towards 0.9060-75), this still looks like a trend ripe for a correction”, commented Tim Riddell, Head of Global Markets Research at ANZ.
AUD/USD key levels
At the moment, the pair is up 0.12% at 0.9271 with the next resistance at 0.9300 (high Jun.24) ahead of 0.9314 (high Jun.20) and then 0.9325 (low Jun.11). On the downside, a breach of 0.9197 (low Jun.25) would bring 0.9148 (low Jun.24).