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AUD/USD building a bullish case

FXStreet (Guatemala) - AUD/USD is trading at 0.9330, up 0.25% on the day, having posted a daily high at 0.9354 and low at 0.9301.

AUD/USD has made it through the July low at 0.9330 and fell just shy of the 55 dma at 0.9363. Karen Jones, chief analyst at Commerzbank explained that this is expected to cap, together with the help of the 0.9374 current August high, if reached at all that is. “Should the current August lows at 0.9240/39 give way, the 0.9182/76 May low and 200 day moving average would be eyed. We also find the 55 week ma in this vicinity at 0.9212 and the 32.8% Fibonacci retracement at 0.9182. These represent major break down points and we suspect that they will hold the initial test. Longer term failure at 0.9182 will trigger the start of a move to .8891, the March low”. Analysts at TD Securities, fundamentally speaking, said all eyes on capex tomorrow. “…Will be closely watched for the third estimate of 2014/15 investment intentions. Q2 GDP is penciled in for +0.7%/qtr so far”.

AUD/USD support and resistance levels

Support levels: 0.9240 0.9220 0.9180

Resistance levels: 0.9374 0.9410

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