24 Jul 2013
AUD/USD entrenched in negativity
FXstreet.com (New York) - The AUD/USD foreign exchange rate has been creeping higher after previously being buried at the 0.9132 level (intraday low) earlier today.
In these moments, the AUD/USD is still suffering from staunch losses of -1.34% off its opening, settling at 0.9169 during the latter stages of US trading. Technically speaking, the pair remains near the 0.9164 level (support), after previously breaking he 0.9193 support, notes the Mataf.net analyst team.
AUD/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The AUD/USD remains within its range, the intraday charts are suggesting that the current correction has run its course and given that the market remains capped by key resistance at 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010) our negative bias is entrenched. To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000.”
In these moments, the AUD/USD is still suffering from staunch losses of -1.34% off its opening, settling at 0.9169 during the latter stages of US trading. Technically speaking, the pair remains near the 0.9164 level (support), after previously breaking he 0.9193 support, notes the Mataf.net analyst team.
AUD/USD strategic bias
According to Karen Jones, an analyst at Commerzbank, “The AUD/USD remains within its range, the intraday charts are suggesting that the current correction has run its course and given that the market remains capped by key resistance at 0.9388/0.9404 (the 2011 low and highs from 2009 and 2010) our negative bias is entrenched. To trigger another leg lower we suspect that the market will need to sustain a break back below 0.9000.”