7 Jun 2013
AUD/USD finds support at 0.9480
FXstreet.com (Barcelona) - The Aussie dollar is extending the intraday upside on Friday, testing the key support at 0.9500 after climbing as high as 0.9680 on Thursday post-ECB.
In the opinion of Greg Gibbs, FX Strategist at RBS, “positions are now net short AUD and probably significantly so. There remains a risk of significant correction higher in AUD, even if the fundamental picture has deteriorated”. In the data front, the Construction sector performance, sponsored by the AIG index, rose to 35.3 in May from 35.2.
AUD/USD is now down 0.84% at 0.9518 facing the next support at 0.9435 (low Jun.6) while resistance levels align at 0.9634 9MA10d) followed by 0.9675 (high Jun.6) and 0.9752 (MA21d).
In the opinion of Greg Gibbs, FX Strategist at RBS, “positions are now net short AUD and probably significantly so. There remains a risk of significant correction higher in AUD, even if the fundamental picture has deteriorated”. In the data front, the Construction sector performance, sponsored by the AIG index, rose to 35.3 in May from 35.2.
AUD/USD is now down 0.84% at 0.9518 facing the next support at 0.9435 (low Jun.6) while resistance levels align at 0.9634 9MA10d) followed by 0.9675 (high Jun.6) and 0.9752 (MA21d).