28 May 2013
AUD/USD erased all loses, back above 0.9630
FXstreet.com (Barcelona) - Aussie has erased all initial losses against the USD seen in early Tokyo trade, when printed fresh weekly lows at 0.9595, following a broad USD move higher. Now trading last near session highs at 0.9650, the pair is back to the positive for the Asia-Pacific.
Flat for the week though, the AUD/USD has bounced more than 50 pips from recent session lows, with US equity futures also near session highs, and Australian ASX index up +0.31%. According to IFR Markets analyst John Noonan, model fund buying is behind recent pop in AUD/USD, squeezing out short's stop loss positions.
Immediate resistance to the upside for AUD/USD shows at yesterday's weekly highs 0.9665, followed by Friday's NY session highs at 0.9704, and May 21 lows at 0.9748. To the downside, closest support lies at Monday's lows 0.9615, followed by mentioned session/weekly lows at 0.9596, and Thursday's fresh 11-month lows at 0.9591.
Flat for the week though, the AUD/USD has bounced more than 50 pips from recent session lows, with US equity futures also near session highs, and Australian ASX index up +0.31%. According to IFR Markets analyst John Noonan, model fund buying is behind recent pop in AUD/USD, squeezing out short's stop loss positions.
Immediate resistance to the upside for AUD/USD shows at yesterday's weekly highs 0.9665, followed by Friday's NY session highs at 0.9704, and May 21 lows at 0.9748. To the downside, closest support lies at Monday's lows 0.9615, followed by mentioned session/weekly lows at 0.9596, and Thursday's fresh 11-month lows at 0.9591.