26 Jul 2013
AUD/USD recovers off lows
FXstreet.com (New York) - The AUD/USD technical pair has bounced slightly off its lows (0.9227), still entrenched in negative territory Friday.
In these moments, the AUD/USD is now operating at a -0.04% loss, having now recovered the mark of 0.9239. Technically speaking, the AUD/USD remains fortified by supports at 0.9227 (session low/July 23 low), 0.9207 (200-day).
AUD/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The AUD/USD recovered very well following its outside day to the downside on Wednesday. There is no escaping the fact that the market could well be base building near term – however while capped by key resistance at 0.9388/0.9405 a downside bias will persist. These are the 2011 low and highs from 2009 and 2010. To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000.”
In these moments, the AUD/USD is now operating at a -0.04% loss, having now recovered the mark of 0.9239. Technically speaking, the AUD/USD remains fortified by supports at 0.9227 (session low/July 23 low), 0.9207 (200-day).
AUD/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The AUD/USD recovered very well following its outside day to the downside on Wednesday. There is no escaping the fact that the market could well be base building near term – however while capped by key resistance at 0.9388/0.9405 a downside bias will persist. These are the 2011 low and highs from 2009 and 2010. To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000.”