Back
9 Aug 2013
AUD/USD testing 0.9130 weekly high; resurgence of buying participation ...
FXstreet.com (Barcelona) - AUD/USD is testing weekly trend highs at 0.9125/30 following upbeat Chinese Industrial Production data for July, which came with a 0.7% positive deviation at 9.7% vs 9% expected, with retail sales at 13.2% vs 13.5% expected.
Major increase in buyer's participation
AUD/USD, as warned earlier this week, had been providing some signs of a bullish tide looming, in a market in which the saturation of shorts by the spec community along with 'not so dovish' RBA monetary statement and positive data dump by the Chinese, has forced plenty of sellers to run for the exits.
AUD/USD technical outlook
The technical picture is getting constructive for the AUD/USD near term, with the recovery and sequence of hourly candle closes above 0.9040/45 suggesting the pair may now be aiming for a consolidation between 0.8800/30 and 0.9200/0.9300. Looking at today's trading, the immediate target for bulls is seen at 0.9140 (double bottom July 17 and 24), with a break above allowing for round number 0.92 ahead of more ambitious targets. On the downside, 0.9040/45 provides formidable support, with the level nicely converging with a rising 20-EMA on the H4 chart.
Major increase in buyer's participation
AUD/USD, as warned earlier this week, had been providing some signs of a bullish tide looming, in a market in which the saturation of shorts by the spec community along with 'not so dovish' RBA monetary statement and positive data dump by the Chinese, has forced plenty of sellers to run for the exits.
AUD/USD technical outlook
The technical picture is getting constructive for the AUD/USD near term, with the recovery and sequence of hourly candle closes above 0.9040/45 suggesting the pair may now be aiming for a consolidation between 0.8800/30 and 0.9200/0.9300. Looking at today's trading, the immediate target for bulls is seen at 0.9140 (double bottom July 17 and 24), with a break above allowing for round number 0.92 ahead of more ambitious targets. On the downside, 0.9040/45 provides formidable support, with the level nicely converging with a rising 20-EMA on the H4 chart.