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16 Jul 2013
AUD/USD capped 0.9240
FXstreet.com (Barcelona) - AUD/USD has walked around 100 pips from yesterdays lows to reach a high of 0.9240.
AUD/USD stalled at 0.9240 resistance and ducked away post US CPI coming in higher than expectations. US CPI printed 1.8% vs 1.5% consensus and 1.4% previous. The pair may now test the downside back through the 0.9200 handle. Markets will also recall the dovish tone set by the RBA while a weaker currency also remains favourable. Next up, we will listen out for Bernanke’s semi-annual testimony to US Congress tomorrow.
AUD/USD struggling
AUD/USD is struggling to maintain gains, but is unlikely at this point to sustain a break below 0.9000, said Alex Rudolph, Senior Technical Analyst at Commerzbank. “While we may see some near term consolidation around this level (we note once more the divergence of the daily RSI), near term rebound’s are likely to remain quite tepid”. His team signals that key resistance is regarded as 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010), and while capped here their negative bias is entrenched. He continued to say in order to trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000. “A close below .9147 has seen recently and we consider that the next target of 0.8550 is engaged en route to 0.8068, the 2010 low”.
AUD/USD stalled at 0.9240 resistance and ducked away post US CPI coming in higher than expectations. US CPI printed 1.8% vs 1.5% consensus and 1.4% previous. The pair may now test the downside back through the 0.9200 handle. Markets will also recall the dovish tone set by the RBA while a weaker currency also remains favourable. Next up, we will listen out for Bernanke’s semi-annual testimony to US Congress tomorrow.
AUD/USD struggling
AUD/USD is struggling to maintain gains, but is unlikely at this point to sustain a break below 0.9000, said Alex Rudolph, Senior Technical Analyst at Commerzbank. “While we may see some near term consolidation around this level (we note once more the divergence of the daily RSI), near term rebound’s are likely to remain quite tepid”. His team signals that key resistance is regarded as 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010), and while capped here their negative bias is entrenched. He continued to say in order to trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000. “A close below .9147 has seen recently and we consider that the next target of 0.8550 is engaged en route to 0.8068, the 2010 low”.