12 Jul 2013
AUD/USD losses mounting
FXstreet.com (New York) - The AUD/USD foreign exchange rate grinded lower during Asian trading Friday, distancing itself from the 0.9200 level recently and extending its losses.
Later today at 01:30 GMT, the Australian economy is poised to release Home Loans (May) and Investment Lending for Homes (May).
In these moments, the AUD/USD is now trading at 0.9163, losing -0.27%, thus far Friday. On the upside, the pair remains constrained by resistance at the 0.9193 (200-day SMA), followed by 0.9204 (July 9 high), and 0.9229 (July 10 high). Conversely, supportive measures will be found (0.9144), ahead of 0.9104 (July 10 low).
AUD/USD strategic bias
According to Sean Callow, a Global FX Strategist at Westpac, “Short covering could take AUD/USD to say 0.9350/0.9400, but we would view this as a selling opportunity ahead of any Fed ‘clarification’ and with RBA easing looming.”
Later today at 01:30 GMT, the Australian economy is poised to release Home Loans (May) and Investment Lending for Homes (May).
In these moments, the AUD/USD is now trading at 0.9163, losing -0.27%, thus far Friday. On the upside, the pair remains constrained by resistance at the 0.9193 (200-day SMA), followed by 0.9204 (July 9 high), and 0.9229 (July 10 high). Conversely, supportive measures will be found (0.9144), ahead of 0.9104 (July 10 low).
AUD/USD strategic bias
According to Sean Callow, a Global FX Strategist at Westpac, “Short covering could take AUD/USD to say 0.9350/0.9400, but we would view this as a selling opportunity ahead of any Fed ‘clarification’ and with RBA easing looming.”