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AUD/USD bursts through 0.93, descending trendline overhead

FXStreet (Bali) - AUD/USD was able to strengthen for a second day in a row, with price breaking above the 0.93 round number only to face an important descending trendline off July 23 high just overhead.

According to Peter Fell, Analyst at FXBeat: "The Aussie has had a good 48 hours, rising from 9239 to 9320, local data, NAB Business survey and Westpac's confidence data squeezing out the weak shorts, cross flows helping too, GBPAUD falling 200 pips."

Technically, Jim Langlands, Founder at FXCharts, notes: If the Aud can squeeze above the session high it would find further sellers at the descending trend resistance/38.2% Fibo level at 0.9325 and then at the 100 DMA at 0.9335; the downside will find buyers below 0.9300 at 0.9285 and then at the strong 0.9260 area."

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