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29 Aug 2013
AUD/USD pops higher on Capex but still looking heavy
FXstreet.com (Barcelona) - The AUD/USD foreign exchange rate is last quoted near session highs at 0.8971 rallying on better than expected Australia Capex data showing an increase of +4% when -1% was the consensus.
AUD/USD some upward correction probable
According to Valeria Bednarik, Chief Analyst at Fxstreet.com the AUD/USD maintains “the overall bearish trend against the dollar. The hourly chart shows price above a bearish 20 SMA and indicators heading slightly higher around their midlines, which suggest some probable upward correction, moreover if local share markets also see some gains. In the 4 hours chart however, price is well below its 20 SMA, currently around 0.8980 while indicators aim higher still in negative territory. Upward corrections up to that level are possible, yet further gains seem quite unlikely for the pair.”
AUD/USD key technical levels
Bednarik finds support levels at: 0.8910, 0.8885 and 0.8840, while resistance levels at: 0.8935, 0.8980 and 0.9020.
AUD/USD some upward correction probable
According to Valeria Bednarik, Chief Analyst at Fxstreet.com the AUD/USD maintains “the overall bearish trend against the dollar. The hourly chart shows price above a bearish 20 SMA and indicators heading slightly higher around their midlines, which suggest some probable upward correction, moreover if local share markets also see some gains. In the 4 hours chart however, price is well below its 20 SMA, currently around 0.8980 while indicators aim higher still in negative territory. Upward corrections up to that level are possible, yet further gains seem quite unlikely for the pair.”
AUD/USD key technical levels
Bednarik finds support levels at: 0.8910, 0.8885 and 0.8840, while resistance levels at: 0.8935, 0.8980 and 0.9020.