30 Jul 2013
AUD/USD trading at 0.9060 region
FXstreet.com (New York) - The AUD/USD foreign exchange rate has tempered its bleeding Tuesday, having recently bottomed out at 0.9043 (support).
At the time of writing, the AUD/USD is now settling near 0.9063, presently declining at a sizable rate of -1.55% during US trading. Technically speaking, after breaking through support at 0.9080, the AUD/USD will face additional means of correction at 0.9045, notes the Mataf.net analyst team.
AUD/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “AUD/USD remains reluctant to challenge the key resistance at 0.9388/0.9405 and while capped here 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. Intraday charts are suggesting we will see a possible rebound to 0.9200 ahead of further weakness.”
At the time of writing, the AUD/USD is now settling near 0.9063, presently declining at a sizable rate of -1.55% during US trading. Technically speaking, after breaking through support at 0.9080, the AUD/USD will face additional means of correction at 0.9045, notes the Mataf.net analyst team.
AUD/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “AUD/USD remains reluctant to challenge the key resistance at 0.9388/0.9405 and while capped here 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. Intraday charts are suggesting we will see a possible rebound to 0.9200 ahead of further weakness.”