8 Aug 2013
AUD/USD presses higher off Chinese data; last hope for bears is 0.9048 resistance
FXstreet.com (Barcelona) - The AUD/USD got one more unexpected boost from a small piece of a Chinese trade balance report.
AUD/USD moves up to “line in the sand” resistance at 0.9048 on China data
The extremely fluid, data-dependent trading in AUD/USD continued early Thursday as Chinese trade balance data highlighted a 10% increase in exports to Australia – suggesting a possible increase in demand from the Aussie economy. The rally took the AUD/USD up to critical short-term resistance at 0.9048.
Technicians still stubbornly bearish
Technicians point out that unless 0.9048 is violated on the upside on a closing basis that AUD/USD is still likely headed for a test of the 8/4 low at 0.8847. That support is followed by Fibonacci-generated support at 0.8812. Resistance for AUD/USD comes in at the 7/12 close at 0.9048 level and is backed up by the 7/25 low at 0.9128.
AUD/USD moves up to “line in the sand” resistance at 0.9048 on China data
The extremely fluid, data-dependent trading in AUD/USD continued early Thursday as Chinese trade balance data highlighted a 10% increase in exports to Australia – suggesting a possible increase in demand from the Aussie economy. The rally took the AUD/USD up to critical short-term resistance at 0.9048.
Technicians still stubbornly bearish
Technicians point out that unless 0.9048 is violated on the upside on a closing basis that AUD/USD is still likely headed for a test of the 8/4 low at 0.8847. That support is followed by Fibonacci-generated support at 0.8812. Resistance for AUD/USD comes in at the 7/12 close at 0.9048 level and is backed up by the 7/25 low at 0.9128.