1 Aug 2013
AUD/USD unable to move above 0.90
FXstreet.com (Barcelona) - The AUD/USD foreign exchange rate is last trading at 0.8980, in a sideways fashion following HSBC Final Manufacturing PMI China at 47.7, with plenty of other data coming out earlier in the session, with mixed results.
AUD/USD near long time held bearish targets
“Last night when the release of the better than expected US GDP knocked the Aussie down through the bottom of this range to an eventual post FOMC low of 0.8936,” said Gregory McKenna, GlobalFX CEO and former Head of Currency Strategy at the NAB and Westpac, adding: “Now of course this level is not far off my long held target of 0.8912 which was a 138.2% Fibonacci extension I identified some time ago and have communicated many times. So believe it or not I am not going to get too bearish once we get near my target.”
AUD/USD key technical levels
Immediate support to the downside for AUD/USD lies at NY session lows 0.8934, followed by recent session/fresh almost 3-year lows at 0.8923, and Jun 2010 highs at 0.8859. To the upside, closest resistance shows at recent session highs 0.9010 printed in late NY, followed by Tues lows at 0.9041, and Tuesday's London session highs at 0.91.
AUD/USD near long time held bearish targets
“Last night when the release of the better than expected US GDP knocked the Aussie down through the bottom of this range to an eventual post FOMC low of 0.8936,” said Gregory McKenna, GlobalFX CEO and former Head of Currency Strategy at the NAB and Westpac, adding: “Now of course this level is not far off my long held target of 0.8912 which was a 138.2% Fibonacci extension I identified some time ago and have communicated many times. So believe it or not I am not going to get too bearish once we get near my target.”
AUD/USD key technical levels
Immediate support to the downside for AUD/USD lies at NY session lows 0.8934, followed by recent session/fresh almost 3-year lows at 0.8923, and Jun 2010 highs at 0.8859. To the upside, closest resistance shows at recent session highs 0.9010 printed in late NY, followed by Tues lows at 0.9041, and Tuesday's London session highs at 0.91.