10 Oct 2013
AUD/USD erases daily losses
FXstreet.com (Córdoba) - After dipping to levels sub-0.9400, the AUD/USD found support and managed to trim losses during the European session.
The AUD/USD fell to a low of 0.9388 during the Asian trade, weighed by a mixed employment report but the pair bounced from lows and erased losses afterward, supported by better risk sentiment. AUD/USD has climbed back to the 0.9450 zone where it is currently trading, virtually unchanged since opening. "The Aussie has been a 'teflon' currency in the FX market over the past week, showing relative strength against both euro and cable", said Boris Schlossberg, analyst at BK Asset Management. "However the 9500 level continues to provide strong resistance and the pair is unlikely to clear that barrier until labor conditions improve".
AUD/USD levels to watch
As for technical levels, if AUD/USD breaks above 0.9470 (daily high) immediate resistances are seen at 0.9483 (Oct 8 high) and 0.9500 (psychological level). On the flip side, supports are seen at 0.9388 (daily low/20-day SMA) and 0.9365 (Oct 3 low).
The AUD/USD fell to a low of 0.9388 during the Asian trade, weighed by a mixed employment report but the pair bounced from lows and erased losses afterward, supported by better risk sentiment. AUD/USD has climbed back to the 0.9450 zone where it is currently trading, virtually unchanged since opening. "The Aussie has been a 'teflon' currency in the FX market over the past week, showing relative strength against both euro and cable", said Boris Schlossberg, analyst at BK Asset Management. "However the 9500 level continues to provide strong resistance and the pair is unlikely to clear that barrier until labor conditions improve".
AUD/USD levels to watch
As for technical levels, if AUD/USD breaks above 0.9470 (daily high) immediate resistances are seen at 0.9483 (Oct 8 high) and 0.9500 (psychological level). On the flip side, supports are seen at 0.9388 (daily low/20-day SMA) and 0.9365 (Oct 3 low).