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16 Jun 2013
AUS/USD stable at 0.9550/60 in early trade
FXstreet.com (Barcelona) - AUD/USD is trading around 0.9555 through interbank trading, a few pips off its last NY close at 0.9563. There has been no news to highlight out of China over the weekend, thus the timid moves in the pair in early trade.
Greater number of buyers challenge the downtrend
After finding a temporary bottom last week just above 0.93, the AUD/USD has been building a short term bullish momentum, yet the 0.9650 vicinity continues to prove a stiff resistance to break, a level first tested on june 7.
While the context of the this market can still be classified as bearish, its is worth noting that the increase in the participation of buyers - more volatility through last bottoming phase - is putting the bearish control in danger.
However, in order to confirm further sustained strength, 0.97/0.9720 looms as key resistance to regain, a level coinciding with may 30 highs/may 17 lows. For bears to rule again, a break and hold below 0.95/0.9480 is necessary.
Greater number of buyers challenge the downtrend
After finding a temporary bottom last week just above 0.93, the AUD/USD has been building a short term bullish momentum, yet the 0.9650 vicinity continues to prove a stiff resistance to break, a level first tested on june 7.
While the context of the this market can still be classified as bearish, its is worth noting that the increase in the participation of buyers - more volatility through last bottoming phase - is putting the bearish control in danger.
However, in order to confirm further sustained strength, 0.97/0.9720 looms as key resistance to regain, a level coinciding with may 30 highs/may 17 lows. For bears to rule again, a break and hold below 0.95/0.9480 is necessary.