6 Jun 2013
AUD/USD in proximity of the 0.9500 psychological lvl
FXstreet.com (London) - Traders have pushed the AUD/USD in the forex space towards 0.9500 in the European session.
The pair have climbed away from 0.9440 the low, previously being the worst performer amongst forex traders of late. 0.9404/0.9388. is an inter-year pivot and critical point, as the lows we saw in 2011 and the highs from 2009 and 2010. Teams at Westpac Institutional Bank said that Australia’s soft GDP report and the RBA’s on-going easing bias are helping maintain AUD underperformance. With some fair value estimates in the 0.94 area, there is a case for consolidation but we suspect we see some work with a 0.93 handle first.
Technically, teams at ICN.com said that the AUD/USD is falling gradually but the drop does not suffice to suggest the continuation of the downtrend because key level 0.9535 is standing ground. In addition, although a negative bias is reflected by both linear regression indicators and the relative strength index, Stochastic is reflecting AUD/USD oversold signals.
The pair have climbed away from 0.9440 the low, previously being the worst performer amongst forex traders of late. 0.9404/0.9388. is an inter-year pivot and critical point, as the lows we saw in 2011 and the highs from 2009 and 2010. Teams at Westpac Institutional Bank said that Australia’s soft GDP report and the RBA’s on-going easing bias are helping maintain AUD underperformance. With some fair value estimates in the 0.94 area, there is a case for consolidation but we suspect we see some work with a 0.93 handle first.
Technically, teams at ICN.com said that the AUD/USD is falling gradually but the drop does not suffice to suggest the continuation of the downtrend because key level 0.9535 is standing ground. In addition, although a negative bias is reflected by both linear regression indicators and the relative strength index, Stochastic is reflecting AUD/USD oversold signals.