20 Nov 2013
AUD/USD hovering around 0.9400
FXstreet.com (Córdoba) - The AUD/USD failed to break above the 0.9450 zone Wednesday and came under pressure, retracing some of yesterday's gains.
The AUD/USD lost the 0.9400 mark and dipped to a low of 0.9380 before finding support during the European trade. With the subsequent recovery being capped by 0.9410, the pair was confined to a phase of consolidation ahead of the next string of US data. "Yesterday, the Australian dollar traded on both sides of Monday's range with a strong close (above Monday's high), but there is no follow through and the Aussie looks to have once again been turned back from testing its 20-day moving average (now ~$0.9450), though it may require a break of $0.9350 to raise confidence that a near-term top is in place", says the BBH analyst team.
AUD/USD levels to watch
At time of writing, AUD/USD is trading at the 0.9395 area, still 0.4% below its opening price, with immediate supports at 0.9352 (Nov 19 low) and 0.9300 (psychological level). On the upside, immediate resistances line up at 0.9445 (20-day SMA) and 0.9480 (Nov 8 high).
The AUD/USD lost the 0.9400 mark and dipped to a low of 0.9380 before finding support during the European trade. With the subsequent recovery being capped by 0.9410, the pair was confined to a phase of consolidation ahead of the next string of US data. "Yesterday, the Australian dollar traded on both sides of Monday's range with a strong close (above Monday's high), but there is no follow through and the Aussie looks to have once again been turned back from testing its 20-day moving average (now ~$0.9450), though it may require a break of $0.9350 to raise confidence that a near-term top is in place", says the BBH analyst team.
AUD/USD levels to watch
At time of writing, AUD/USD is trading at the 0.9395 area, still 0.4% below its opening price, with immediate supports at 0.9352 (Nov 19 low) and 0.9300 (psychological level). On the upside, immediate resistances line up at 0.9445 (20-day SMA) and 0.9480 (Nov 8 high).