28 Oct 2013
AUD/USD breaks above 0.96, headed towards 0.9622
FXstreet.com (Barcelona) - AUD/USD continues to drift higher along the Asian hours, with buyers now making a new push to the upside to trip some light stops around the 0.96 handle, allowing a new session high of 0.9610.
From a technical perspective, and despite the upticking seen to start the week, Jim Langlands, Founder at FXCharts, thinks "the AUD/USD put in a medium term high at 0.9757 last week and that the pressure in the coming days will remain to the downside."
Langlands adds: "I would not be getting too carried away at this stage though as there are plenty of support levels, starting at Fridays 0.9571 low (0.9573= 38.2% of 0.8848/0.9757). If this can be taken out then we should expect a decline towards 0.9550 (0.9553=23.6% of 0.8891/0.9757) and then to the rising trend support now at 0.9540. On the topside, rallies above 0.9600 will meet sellers at Friday’s high of 0.9623. Above that I think 0.9650 and then Thursday’s top at 0.9670 would provide a hurdle."
From a technical perspective, and despite the upticking seen to start the week, Jim Langlands, Founder at FXCharts, thinks "the AUD/USD put in a medium term high at 0.9757 last week and that the pressure in the coming days will remain to the downside."
Langlands adds: "I would not be getting too carried away at this stage though as there are plenty of support levels, starting at Fridays 0.9571 low (0.9573= 38.2% of 0.8848/0.9757). If this can be taken out then we should expect a decline towards 0.9550 (0.9553=23.6% of 0.8891/0.9757) and then to the rising trend support now at 0.9540. On the topside, rallies above 0.9600 will meet sellers at Friday’s high of 0.9623. Above that I think 0.9650 and then Thursday’s top at 0.9670 would provide a hurdle."