OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: AUD/USD, potential for 1.0330 on upbeat Aus GDP - V.Bednarik

Following a V-shaped reversal off a 7-month low near 1.01, the recovery above 1.0180 extended past a key swing high at 1.0240, printing a Tuesday's high of 1.0260, although that level is also history now, as the AUD/USD continues to rally to a new Asian session high at 1.0269 ahead of the Australian GDP data, released at 00.30GMT.

As Valeria Bednarik, chief analyst at FXstreet.com, notes, "the pair is quite close to a key resistance area around 1.0270, where the pair presents several intraday highs and lows and a daily descendant trend line coming from 1.0573, Jan 23rd daily high."

With Australian GDP data to be released today, "a positive reading may push the pair above the level, triggering a continuation rally that can extend towards 1.0330 area over the Asian session" Valeria predicts. On the downside, 1.0220 should see buying interest emerging in case of any setback, Valeria adds.

Forex: USD/SGD off fresh 2013 highs below 1.25

USD/SGD is last at 1.2455, off Monday's fresh 2013 highs at 1.2486, and yesterday's highs at 1.2477, up 2% since start of the new year. “Regionwide risk aversion, triggered by China's latest property-market curbs, had dragged the Singaporean currency to a six-month low Monday,” said Chun Han Wong at DowJones. The pair is higher by +0.37% for the week so far.
Read more Previous

Forex Flash: USD to stay soft after 2013 rally - ANZ

According to Richard Yetsenga, Head of Global Markets Research at ANZ Research, "the rally in the US dollar in recent months appears to be reflecting little more than a mild risk-off tone in some financial markets." The analyst still expects the dollar to remain soft, "as the global economy heals, and the US’s large basic balance deficit becomes more difficult to fund" he adds.
Read more Next
Start livechat