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12 Mar 2014
AUD/USD recovery extends… 0.90 eyed?
FXStreet (Edinburgh) - After dipping to the area of 0.8920, the AUD/USD managed to overcome the selling pressure, partially retracing the recent decline.
AUD/USD focus on 0.9000
The AUD is now looking to regain the 0.9000 psychological handle after breaking below the recent congestion pattern between 0.9020 and 0.9040. Better risk sentiment is boosting the pair at the moment, along with the rest of the riskier assets. “The turn in weekly momentum and solid rebounds off 0.8675 suggest that a base has formed and that a broad consolidation should continue to develop into Q2 2014… Even if near-term slippage were to break back below 0.9000, the 0.8820-90 area should provide sufficient support to confirm the base and allow for another squeeze to develop”, observed Tim Riddell, Head of Global Markets Research at ANZ.
AUD/USD key levels
The pair is now up 0.12% at 0.8987 with the immediate resistance at 0.9050 (high Mar.11) ahead of 0.9064 (high Mar.19) and finally 0.9135 (high Mar.7). On the downside, a break below 0.8934 (low Mar.5) would open the door to 0.8926 (50-d MA) and then 0.8909 (low Mar.4).
AUD/USD focus on 0.9000
The AUD is now looking to regain the 0.9000 psychological handle after breaking below the recent congestion pattern between 0.9020 and 0.9040. Better risk sentiment is boosting the pair at the moment, along with the rest of the riskier assets. “The turn in weekly momentum and solid rebounds off 0.8675 suggest that a base has formed and that a broad consolidation should continue to develop into Q2 2014… Even if near-term slippage were to break back below 0.9000, the 0.8820-90 area should provide sufficient support to confirm the base and allow for another squeeze to develop”, observed Tim Riddell, Head of Global Markets Research at ANZ.
AUD/USD key levels
The pair is now up 0.12% at 0.8987 with the immediate resistance at 0.9050 (high Mar.11) ahead of 0.9064 (high Mar.19) and finally 0.9135 (high Mar.7). On the downside, a break below 0.8934 (low Mar.5) would open the door to 0.8926 (50-d MA) and then 0.8909 (low Mar.4).