7 Aug 2013
AUD/USD struggles at 0.9000 after short-lived momentum
FXstreet.com (Chicago) - AUD/USD peaked at 0.8999 to quickly retrace to 0.8970 region, with the decline being the third failed attempt to break through the big round number.
Both the Australian Industry Group and the Housing Industry Association published the AiG performance of construction index that read higher compared to the previous month at 44.1, 0.6 above past indicator. Despite positive results, the pair failed to respond positively to the data.
While market participants wait on home data in Australia and Debelle’s speech, assistant governor to the RBA, the pair trades at 0.8975, below immediate supports at 0.8970 and 0.8952 and resistances at 0.8990 (July 31st highs), 0.9000 (psychological resistance), 0.9034 (July 15th lows). The FXstreet trend indicator reported the pair as slightly bullish on one-hour timeframe analysis as the CCI and Momentum indicators pointed up with a price trading above all moving averages except SMA200.
Both the Australian Industry Group and the Housing Industry Association published the AiG performance of construction index that read higher compared to the previous month at 44.1, 0.6 above past indicator. Despite positive results, the pair failed to respond positively to the data.
While market participants wait on home data in Australia and Debelle’s speech, assistant governor to the RBA, the pair trades at 0.8975, below immediate supports at 0.8970 and 0.8952 and resistances at 0.8990 (July 31st highs), 0.9000 (psychological resistance), 0.9034 (July 15th lows). The FXstreet trend indicator reported the pair as slightly bullish on one-hour timeframe analysis as the CCI and Momentum indicators pointed up with a price trading above all moving averages except SMA200.