1 Aug 2013
AUD/USD back towards 0.8950
FXstreet.com (Barcelona) - AUD/USD has bounced back from reaching a low of 0.8911 and picked up 40 pips.
AUD/USD was offered from 0.8990 this afternoon as the dollar gathered pace on improved Initial Jobless Claims (July 26) that came in at 326k, beating the consensus of 345k. On the same day, we have seen US ISM Manufacturing PMI (Jul) 51.5 vrs 50.9 previous, so also an improving, albeit against a back drop of a more dovish FOMC overnight.
AUD/USD bearish
AUD/USD has eroded the 0.9000 psychological support, and is under pressure, said Karen Jones Head of FICC Technical Analysis at Commerzbank. “Our downside target below here is .8550, the 50% retracement of the move up from 2008. Our longer-term downside target measured from the top is 0.7700. Intraday rallies are expected to remain capped by 0.9065/0.9130. While capped by key resistance at 0.9388/0.9405, a downside bias will persist. These are the 2011 low and highs from 2009 and 2010. The 24th July high at 0.9318 should also act as strong resistance. Longer term the close below 0.9147 which has been seen recently is bearish and we consider that the next target of .8550 is engaged”.
AUD/USD was offered from 0.8990 this afternoon as the dollar gathered pace on improved Initial Jobless Claims (July 26) that came in at 326k, beating the consensus of 345k. On the same day, we have seen US ISM Manufacturing PMI (Jul) 51.5 vrs 50.9 previous, so also an improving, albeit against a back drop of a more dovish FOMC overnight.
AUD/USD bearish
AUD/USD has eroded the 0.9000 psychological support, and is under pressure, said Karen Jones Head of FICC Technical Analysis at Commerzbank. “Our downside target below here is .8550, the 50% retracement of the move up from 2008. Our longer-term downside target measured from the top is 0.7700. Intraday rallies are expected to remain capped by 0.9065/0.9130. While capped by key resistance at 0.9388/0.9405, a downside bias will persist. These are the 2011 low and highs from 2009 and 2010. The 24th July high at 0.9318 should also act as strong resistance. Longer term the close below 0.9147 which has been seen recently is bearish and we consider that the next target of .8550 is engaged”.