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Forex: AUD/USD extends decline below 1.0300

The Aussie finds no respite today, as it continues to lose ground versus the dollar, weighed by the steep fall seen in gold and its neighbor the kiwi, which weakened after RBNZ Governor Wheeler said the bank is ready to intervene in the FX market if necessary.

Against this backdrop, the AUD/USD has lost over 85 pips throughout the day and broke below the 1.0300 mark to hit a 2-day low of 1.0281 in recent dealings. At time of writing, AUD/USD is trading around 1.0290, where it records a 0.6% decline on the day.

From a technical view, "the pair failed to break the 1.0370 resistance level, and the bearish trend come back in full force, leaving the hourly chart with a clear bearish momentum, that supports further slides ahead", says Valeria Bednarik, chief analyst at FXstreet.com. "In the 4 hours chart technical readings also turned south, with latest candle opening below 20 SMA: a test of 1.0260 seems likely over the next few hours, while a break below should trigger a continuation rally towards the 1.0220 lows".

Forex: EUR/USD supported by 1.3370, rises after EMU confidence

After being unable to reach the 1.3400 handle after US housing data, the EUR/USD eased back to 1.3370, where it found support against further downside. The release of EMU consumer confidence is allowing the pair to do another try to the upside.
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Forex Flash: AUD/CAD pausing ahead of next leg higher – TD Securities

TD Securities analysts see the AUD/CAD market pausing ahead of the next leg higher after the sharp rise earlier in the week. "The AUD/CAD is finding good support intraday in the upper 1.04 area and gains through 1.0485 area over the balance of the session would point to a rally extension", wrote analysts Shaun Osborne and Greg Moore. "We still rather think the AUD looks a little rich as it gets closer to the 1.06/1.07 area but that will not necessarily preclude further gains in the short run", they added.
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