Back
17 Sep 2013
AUD/USD recovered through the pivot
FXstreet.com (London) - AUD/USD is trading higher and through the pivot on the back of dollar weakness and has been trading sideways in NA ahead of the FOMC tomorrow.
Research Teams at TD Securities explained that the RBA minutes for the September meeting showed little new from the August meeting, despite the fact that the Bank cut rates last month and kept them on hold at the meeting two weeks ago. “The soft easing bias remained although there were no additional suggestions that another cut is likely”. They continued and said, “AUD/USD was little affected and is trading higher on the back of USD selling. The pair is currently testing resistance marked by the 100-day moving average ahead of 0.94—a strong resistance going back to 2009/2010. Considering also the very large (near record level) of net shorts in the speculative market, there is the potential for a short squeeze-exaggerated move higher if these threshold break”.
AUD/USD levels
The 20 DMA is .9116, the 50 DMA is .9121 and the 200 DMA is .9880. RSI (14) reads 62.91. Supports are ascending from .9167, .9180, .9223 and .9271. Spot is currently trading at .9318 while resistances are .9353, .9393, .9416 and .9440
Research Teams at TD Securities explained that the RBA minutes for the September meeting showed little new from the August meeting, despite the fact that the Bank cut rates last month and kept them on hold at the meeting two weeks ago. “The soft easing bias remained although there were no additional suggestions that another cut is likely”. They continued and said, “AUD/USD was little affected and is trading higher on the back of USD selling. The pair is currently testing resistance marked by the 100-day moving average ahead of 0.94—a strong resistance going back to 2009/2010. Considering also the very large (near record level) of net shorts in the speculative market, there is the potential for a short squeeze-exaggerated move higher if these threshold break”.
AUD/USD levels
The 20 DMA is .9116, the 50 DMA is .9121 and the 200 DMA is .9880. RSI (14) reads 62.91. Supports are ascending from .9167, .9180, .9223 and .9271. Spot is currently trading at .9318 while resistances are .9353, .9393, .9416 and .9440