30 Aug 2013
AUD/USD prints 0.8943 new session highs; targets 0.8950
FXstreet.com (Chicago) - AUD/USD strengthens against the greenback to print new daily highs for today’s session reaching 0.8943. Private sector data was slightly better compared to previous results and experts projections.
Better-than-expected Australian results
Price action reveals bulls attempt to reach new levels despite limits at the 0.8943 zone. The pair seems to be consolidating a potential reversal as it bounced off 0.8898 session lows yesterday to trade stronger at the opening of Friday’s journey in Asia. So far, the pair accumulates gains at 0.14%, still far below -0.98% weekly losses. Syria remains the main topic of interest for market participants after the UK voted against military strike and the US announced decision making outcome based on best interests for the country regardless of the UN Security Council results. In terms of economic data Private Sector Credit m/m for July was 0.4%, 0.1% above estimates and matching past results. Private Sector Credit y/y for July was 3.2% vs. expected 3.1% and prior 3.1%.
AUD/USD Technical Levels
Technically speaking, the pair trades at 0.8943 between supports at 0.8920 (August 21st lows), 0.8888 (August 27th lows) followed by 0.8863 (August 3rd lows) and ahead of immediate resistance at 0.8941 (August 7th lows) now facing 0.8976 (August 28th highs) and 0.9024 (August 20th lows). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and remains navigating on 3-week lows below the EMA20.
Better-than-expected Australian results
Price action reveals bulls attempt to reach new levels despite limits at the 0.8943 zone. The pair seems to be consolidating a potential reversal as it bounced off 0.8898 session lows yesterday to trade stronger at the opening of Friday’s journey in Asia. So far, the pair accumulates gains at 0.14%, still far below -0.98% weekly losses. Syria remains the main topic of interest for market participants after the UK voted against military strike and the US announced decision making outcome based on best interests for the country regardless of the UN Security Council results. In terms of economic data Private Sector Credit m/m for July was 0.4%, 0.1% above estimates and matching past results. Private Sector Credit y/y for July was 3.2% vs. expected 3.1% and prior 3.1%.
AUD/USD Technical Levels
Technically speaking, the pair trades at 0.8943 between supports at 0.8920 (August 21st lows), 0.8888 (August 27th lows) followed by 0.8863 (August 3rd lows) and ahead of immediate resistance at 0.8941 (August 7th lows) now facing 0.8976 (August 28th highs) and 0.9024 (August 20th lows). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis and remains navigating on 3-week lows below the EMA20.