19 Sep 2013
AUD/USD rushes to 0.9522 new highs
FXstreet.com (Chicago) - AUD/USD has had a formidable week accumulating almost 300 pips so far after a strong rally on FOMC releases. The pair pockets 450 pips this month and beats the dollar by 2.39% this quarter.
No tapering
After consolidating a reversal that started last August 30th, price action reveals a gradual climb that seems inconclusively capped at 0.9522 session highs. Market participants reacted to the FOMC economic projections indicating the US economy is still hindered by high unemployment rates and an unreached inflation target. With undefined dates on when a possible tapering will occur, the Fed also surprised and maintained its $85B bond-buying program unchanged. In Australia, leading economic indicators released yesterday confirmed an economy recovery, favoring the performance of the pair. On most recent data publications, the RBA foreign exchange transaction results were 482M vs. past 436M.
AUD/USD Technical Levels
Price action reveals higher lows and a steady climb that sent the pair to session highs around 0.9522 (double tops with yesterday’s highs). Navigating around 3-month altitudes the pair matches primary and secondary bullish trends on short-term basis and is offered at 0.9515. On the downside, supports are aligned at 0.9478 (June 18th lows), 0.9431 (June 17th lows) ahead of 0.9391 (September 15th highs) and the upside marks resistances set at 0.9528 (September 17th highs), 0.9546 (June 19th highs) followed by 0.9566 (June 1st highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and trades above the EMA20.
No tapering
After consolidating a reversal that started last August 30th, price action reveals a gradual climb that seems inconclusively capped at 0.9522 session highs. Market participants reacted to the FOMC economic projections indicating the US economy is still hindered by high unemployment rates and an unreached inflation target. With undefined dates on when a possible tapering will occur, the Fed also surprised and maintained its $85B bond-buying program unchanged. In Australia, leading economic indicators released yesterday confirmed an economy recovery, favoring the performance of the pair. On most recent data publications, the RBA foreign exchange transaction results were 482M vs. past 436M.
AUD/USD Technical Levels
Price action reveals higher lows and a steady climb that sent the pair to session highs around 0.9522 (double tops with yesterday’s highs). Navigating around 3-month altitudes the pair matches primary and secondary bullish trends on short-term basis and is offered at 0.9515. On the downside, supports are aligned at 0.9478 (June 18th lows), 0.9431 (June 17th lows) ahead of 0.9391 (September 15th highs) and the upside marks resistances set at 0.9528 (September 17th highs), 0.9546 (June 19th highs) followed by 0.9566 (June 1st highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and trades above the EMA20.