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17 Jul 2013
AUD/USD retraces back to 0.9240 region
FXstreet.com (New York) - The AUD/USD foreign exchange rate took a hit Wednesday, as Fed Chairman Ben Bernanke breathed fresh life into the USD, which sunk the pair nearly 50 pips off its highs (0.9294) in recent moments.
At the time of writing, the AUD/USD is now trading back to the 0.9241 level, presently incurring a loss of -0.42% off its opening. Technically speaking, the AUD/USD will encounter supportive means at 0.9190, ahead of 0.9125, and finally 0.9075, calculates the Mataf.net analyst team.
AUD/USD strategic bias
According to the Karen Jones, an analyst at Commerzbank, “Although the USD/CAD has not moved that much overnight, it is under some pressure on the charts as the consolidation from last week’s dip to the low 1.03 area (bear wedge/flag) looks at some risk of breaking down. We remain broadly USD-bullish despite the evolution in price over the past day or so but a push through 1.0400/05 would suggest a return to the low 1.03 area.”
At the time of writing, the AUD/USD is now trading back to the 0.9241 level, presently incurring a loss of -0.42% off its opening. Technically speaking, the AUD/USD will encounter supportive means at 0.9190, ahead of 0.9125, and finally 0.9075, calculates the Mataf.net analyst team.
AUD/USD strategic bias
According to the Karen Jones, an analyst at Commerzbank, “Although the USD/CAD has not moved that much overnight, it is under some pressure on the charts as the consolidation from last week’s dip to the low 1.03 area (bear wedge/flag) looks at some risk of breaking down. We remain broadly USD-bullish despite the evolution in price over the past day or so but a push through 1.0400/05 would suggest a return to the low 1.03 area.”