16 Jul 2013
AUD/USD surges to resistance ahead of RBA
FXstreet.com (New York) - The AUD/USD foreign exchange rate jumped to fresh heights Tuesday morning, establishing a fresh high at 0.9142 ahead of the RBA at 01:30 GMT.
With Australian PM Rudd speaking presently, and the wide scale anticipation of announced budget cuts, the AUD/USD has broken out of a tight consolidation that gripped the pair for the majority of Asian trading thus far.
AUD/USD strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The AUD recovered some ground against the greenback, although the pair has been unable to overcome the 38.2% of its latest fall, that attracts short-term sellers around 0.9120. As such the AUD/USD has remained pretty neutral in the short-term, though in the bigger time frames, a bearish tone is maintained with an acceleration below 0.9050 suggesting a new leg lower.”
At the time of writing, the AUD/USD is now operating off its session high at 0.9129, still up +0.31% Tuesday. Briefing the technicals, after a jump above resistance at 0.9120, the AUD/USD will face additional measures of correction at 0.9137 (July 9 low), and 0.9196 (July 9 high).
With Australian PM Rudd speaking presently, and the wide scale anticipation of announced budget cuts, the AUD/USD has broken out of a tight consolidation that gripped the pair for the majority of Asian trading thus far.
AUD/USD strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The AUD recovered some ground against the greenback, although the pair has been unable to overcome the 38.2% of its latest fall, that attracts short-term sellers around 0.9120. As such the AUD/USD has remained pretty neutral in the short-term, though in the bigger time frames, a bearish tone is maintained with an acceleration below 0.9050 suggesting a new leg lower.”
At the time of writing, the AUD/USD is now operating off its session high at 0.9129, still up +0.31% Tuesday. Briefing the technicals, after a jump above resistance at 0.9120, the AUD/USD will face additional measures of correction at 0.9137 (July 9 low), and 0.9196 (July 9 high).