25 Jun 2013
AUD/USD needs to hold 0.9250, then break 0.93
FXstreet.com (Barcelona) - The <a href="http://www.fxstreet.com/technical/currencies-glance/pair.aspx?id=aud/usd">AUD/USD is consolidating gains just above its former 1-hour range at 0.9252 ahead of the Tokyo open, underway in 90 minutes at 00 GMT.
Sustainability above 0.9250 key to build on further gains
The Aussie has retaken a critical level of resistance at 0.9250 - hedge funds were noted sellers - , with the rate now attempting to build a base that may allow a much-needed technical cushion to target higher ground.
Outside bar on the daily
In view of Slobodan Drvenica, Analyst at Windsor Brokers, "Monday’s outside day would be seen as reversal signal, with upside break above initial 0.9300/24 resistance zone, to open way for stronger correction, confirmation of which requires regain of 0.9360/0.9400 hurdles." On the contrary, Drvenica sees risk still skewed to the downside, picking as target 0.91, Drvenica said.
Sustainability above 0.9250 key to build on further gains
The Aussie has retaken a critical level of resistance at 0.9250 - hedge funds were noted sellers - , with the rate now attempting to build a base that may allow a much-needed technical cushion to target higher ground.
Outside bar on the daily
In view of Slobodan Drvenica, Analyst at Windsor Brokers, "Monday’s outside day would be seen as reversal signal, with upside break above initial 0.9300/24 resistance zone, to open way for stronger correction, confirmation of which requires regain of 0.9360/0.9400 hurdles." On the contrary, Drvenica sees risk still skewed to the downside, picking as target 0.91, Drvenica said.