31 Oct 2013
AUD/USD regains 0.9500
FXstreet.com (Edinburgh) -The Aussie dollar is now trading on a better mood, pushing the AUD/USD to challenge session highs around 0.9500 the figure.
AUD/USD bounces off 0.9440
The unexpected tone from the FOMC on Wednesday caught market participants off-guard, dragging the pair to fresh 2-week lows around 0.9440, although gathering steam later and recovering the ground lost. The empty docket in the Australian economy would prompt investors to look for catalyst in the US session. According to Sean Callow, Strategist at Westpac, “AUD/USD should be broadly supported on near term dips towards 0.94, with a return to around 0.97 likely multi-week. However, with commodities not backing further gains, the Aussie looks to be very reliant on broad USD weakness to resume its upswing”.
AUD/USD levels to consider
As of writing the pair is advancing 0.27% at 0.9505 with the next resistance at the psychological level at 0.9600 followed by 0.9624 (high Oct.25) and then 0.9719 (MA200d). On the flip side, a drop beyond 0.9459 (61.8% of 0.9280-0.950) would target 0.9389 (low Oct.7) en route to 0.9357 (MA50d).
AUD/USD bounces off 0.9440
The unexpected tone from the FOMC on Wednesday caught market participants off-guard, dragging the pair to fresh 2-week lows around 0.9440, although gathering steam later and recovering the ground lost. The empty docket in the Australian economy would prompt investors to look for catalyst in the US session. According to Sean Callow, Strategist at Westpac, “AUD/USD should be broadly supported on near term dips towards 0.94, with a return to around 0.97 likely multi-week. However, with commodities not backing further gains, the Aussie looks to be very reliant on broad USD weakness to resume its upswing”.
AUD/USD levels to consider
As of writing the pair is advancing 0.27% at 0.9505 with the next resistance at the psychological level at 0.9600 followed by 0.9624 (high Oct.25) and then 0.9719 (MA200d). On the flip side, a drop beyond 0.9459 (61.8% of 0.9280-0.950) would target 0.9389 (low Oct.7) en route to 0.9357 (MA50d).