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Kiwi claws back earlier losses as buyers continue to defend 0.8050

FXstreet.com (Barcelona) - After trading as low as 0.8061 earlier in the Asia session, the Kiwi has managed to claw back much of its earlier losses and is now down just a few pips at 0.8083.

According to Time Riddell, Head of Global Markets Research, Asia at ANZ, "the near test of the target of 0.80 (hit 0.8005) may provide scope for some consolidation, but the bias remains for a deeper flush towards 0.7925. Interim rebounds should find resistance in the 0.8220-30 area and a close above 0.8300 is needed to reduce the bias for redefining the recent low. On a medium term basis, a 0.7900-0.8300 range may develop."

“Price action above 0.8500 appears particularly top-like now (completing an inner correction off 2011’s 0.7370 low). Although the 0.79-0.80 area may provide support, broader bias will remain for deeper corrective slippage to unfold. The 0.7630-40 former highs and 0.7370-0.7460 former lows are likely to act as target zones. A close above 0.8370 is needed to suggest a different profile,” Riddell concluded

AUD/USD plummets to fresh weekly lows sub-0.96 on the back of broad USD strength

Aussie is currently tanking to fresh session and weekly lows, last at 0.9605 USD, off mentioned lows at 0.9596, few pips shy of Thursday's fresh 11-month lows at 0.9591. The AUD/USD is down -0.48% for the week so far, on tha back of a broad USD move higher.
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AUD/JPY climbing higher toward initial resistance located above 98.00

After trading as low as 97.22 earlier in the session, the Aussie/Yen is now climbing higher in Asia up 88 pips at 98.10. Economic releases during the session will be light with no major reports on the calendar.
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