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14 May 2013
Forex: AUD/USD attempts to recover some losses, edges higher in Asia trade
FXstreet.com (Barcelona) - The AUD/USD is clawing back some losses during the Asia session, currently trading up 26 pips at 0.9980 last. Market participants should be aware of the upcoming Aussie Budget release due out later at 9:30GMT.
According to Sean Lee of FXWW, “AUD/USD has made new swing lows overnight and has closed below previous day’s lows, all bearish signals. The target is the 200-week MA at .9870 and initial resistance is starting near .9980/85. With the daily chart looking so bearish, I’d suggest we stay with the sell-rally bias. If there are any nasty surprises in tonight’s budget then the AUD selling could pick up significantly, especially with so many speculative players afraid of ‘missing out.”.
The FXStreet.com Trend Index remains Strongly Bearish on the 4 hour chart, while the OB/OS Index remains Neutral. Initial resistance sits at 0.9999 (the 50dma on 1 hour chart), followed by 1.0030 (resistance on 1 hour chart). First support sits at 0.9964 (the 9dma on 1 hour chart), followed by 0.9940 (previous day low)
According to Sean Lee of FXWW, “AUD/USD has made new swing lows overnight and has closed below previous day’s lows, all bearish signals. The target is the 200-week MA at .9870 and initial resistance is starting near .9980/85. With the daily chart looking so bearish, I’d suggest we stay with the sell-rally bias. If there are any nasty surprises in tonight’s budget then the AUD selling could pick up significantly, especially with so many speculative players afraid of ‘missing out.”.
The FXStreet.com Trend Index remains Strongly Bearish on the 4 hour chart, while the OB/OS Index remains Neutral. Initial resistance sits at 0.9999 (the 50dma on 1 hour chart), followed by 1.0030 (resistance on 1 hour chart). First support sits at 0.9964 (the 9dma on 1 hour chart), followed by 0.9940 (previous day low)