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12 Jul 2013
AUD/USD bounced back
FXstreet.com (Barcelona) - AUD/USD quite literal bounced back from the lows.
AUD/USD has created a gap in the chart from the lows 0.8999 back towards 0.9050/60 territories as traders look to pick up some cheap Aussie bucks at three year lows. The market now awaits the US Michigan Consumer Sentiment that’s coming up at 1355GMT. The market is looking for 85.0 on the number against a previous 84.1. any surprises to the upside may see some short dollars exiting the market ahead of the weekend and this could equate to AUD/USD resuming the break out again price action and close the gap to the downside.
Support below the psychological handle of 0.9000 comes in at 0.8957. Karen Jones, Chief Analyst at Commerzbank said a close below 0.9147 has seen recently and longer term the next target of 0.8550 engage en route to 0.8068, the 2010 low.
AUD/USD has created a gap in the chart from the lows 0.8999 back towards 0.9050/60 territories as traders look to pick up some cheap Aussie bucks at three year lows. The market now awaits the US Michigan Consumer Sentiment that’s coming up at 1355GMT. The market is looking for 85.0 on the number against a previous 84.1. any surprises to the upside may see some short dollars exiting the market ahead of the weekend and this could equate to AUD/USD resuming the break out again price action and close the gap to the downside.
Support below the psychological handle of 0.9000 comes in at 0.8957. Karen Jones, Chief Analyst at Commerzbank said a close below 0.9147 has seen recently and longer term the next target of 0.8550 engage en route to 0.8068, the 2010 low.