28 Jun 2013
AUD/USD sideways trading
FXstreet.com (New York) - The AUD/USD technical pair has clung to a narrow consolidation in recent minutes, refusing to budge off its present levels at the threshold between positive and negative territory.
AUD/USD close to fair value
According to the Sean Callow, a Global FX Strategist at Westpac, ““We are probably not alone in regarding AUD/USD around 0.920 as close to fair value. This does not preclude a fresh selloff if US data continues to surprise on the strong side. However, nerves over China are settling somewhat given the PBOC’s assertion that the money market rate squeeze is temporary and partly seasonal, which helps the AUD mood.”
AUD/USD MACD in negative territory
The AUD/USD is presently up a tepid +0.01%, unable to breakout thus far during overnight trading. “With the MACD below its zero line, we expect resistance at 0.9407 to hold the AUD/USD on closing basis. Support is at 0.9143, while a closing break below this will trigger deeper sell-off, suggesting a bearish outlook.” warns Gareth Berry, a Research Analyst at UBS.
AUD/USD close to fair value
According to the Sean Callow, a Global FX Strategist at Westpac, ““We are probably not alone in regarding AUD/USD around 0.920 as close to fair value. This does not preclude a fresh selloff if US data continues to surprise on the strong side. However, nerves over China are settling somewhat given the PBOC’s assertion that the money market rate squeeze is temporary and partly seasonal, which helps the AUD mood.”
AUD/USD MACD in negative territory
The AUD/USD is presently up a tepid +0.01%, unable to breakout thus far during overnight trading. “With the MACD below its zero line, we expect resistance at 0.9407 to hold the AUD/USD on closing basis. Support is at 0.9143, while a closing break below this will trigger deeper sell-off, suggesting a bearish outlook.” warns Gareth Berry, a Research Analyst at UBS.