3 Sep 2013
AUD/USD under pressure +0.90, longs bail ahead of RBA?
FXstreet.com (Barcelona) - AUD/USD is under severe pressure post downbeat Aus retail sales, deficit account, currently having wiped out all its eary gains up to 0.9020, in what appears to be an overdone move, likely led by long bailing out ahead of RBA.
The rise in the AUD/USD exchange rate came into close contact -actually to the pip - with the 20-day EMA before retracing lower, which suggest the level 0.9220/40 still remains technically hot, and will most likely see an interesting battle up there in case the RBA interest rate decision leads to an initial spike in the pair. A break above would open further upside.
On the downside, it appears that the key support to be defended now is 0.8960 - intraday level - ahead of deeper declines that may expose the 0.89 handle. According to market sources, there is also minor demand at 0.8950 and larger between 0.8920 to 0.89. Stops from short-term players may be found at 0.8950 and below the big figure.
For an analysis on what to expect from the RBA at 1.30, see link.
The rise in the AUD/USD exchange rate came into close contact -actually to the pip - with the 20-day EMA before retracing lower, which suggest the level 0.9220/40 still remains technically hot, and will most likely see an interesting battle up there in case the RBA interest rate decision leads to an initial spike in the pair. A break above would open further upside.
On the downside, it appears that the key support to be defended now is 0.8960 - intraday level - ahead of deeper declines that may expose the 0.89 handle. According to market sources, there is also minor demand at 0.8950 and larger between 0.8920 to 0.89. Stops from short-term players may be found at 0.8950 and below the big figure.
For an analysis on what to expect from the RBA at 1.30, see link.