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May 27, 2013
AUD/USD slightly lower for the weekly start
FXstreet.com (Barcelona) - AUD/USD is last near session lows at 0.9627, down from previous weekly close Friday around the 0.9652 level, with US and UK markets closed for holiday in the coming hours ahead. AUD/USD is down -7.36% lower year to date, and -8.09% in last 6 months.
As FXWW founder Sean Lee points out, “AUD/USD is in a short-term downtrend and the trendline held very nicely on Friday morning,” the analyst says, adding: “Support is very strong at last year’s spike lows near .9600, which held the first test last week, so look for some .9600/.9700 range trading for a session or two,” he concludes.
Immediate support to the downside for AUD/USD lies at Thursday's Asian session lows 0.9618, followed by Thursday's fresh 11-month lows at 0.9592, and June 01 lows at 0.9580. To the upside, closest resistance shows at current levels as Friday's lows 0.9635, followed by Friday's London session lows/weekly close at 0.9650, and Friday's NY session/Thursday's Asian session highs at 0.9705/10.
As FXWW founder Sean Lee points out, “AUD/USD is in a short-term downtrend and the trendline held very nicely on Friday morning,” the analyst says, adding: “Support is very strong at last year’s spike lows near .9600, which held the first test last week, so look for some .9600/.9700 range trading for a session or two,” he concludes.
Immediate support to the downside for AUD/USD lies at Thursday's Asian session lows 0.9618, followed by Thursday's fresh 11-month lows at 0.9592, and June 01 lows at 0.9580. To the upside, closest resistance shows at current levels as Friday's lows 0.9635, followed by Friday's London session lows/weekly close at 0.9650, and Friday's NY session/Thursday's Asian session highs at 0.9705/10.