1 Jul 2013
AUD/USD regains 0.9200
Fxstreet.com (Edinburgh) - The Aussie dollar has digested the poor performance of the manufacturing PMI in China during June, and is pushing the AUD/USD to retake the key resistance at 0.9200 on Monday.
AUD/USD bouncing off lows
After bottoming in the area of 0.9130, the pair managed to pick up pace and extend the rebound to the current area around 0.9200. The Aussie calendar showed that inflation figures gauged by TD Securities rose 2.4% in a year to June, surpassing the previous advance. Analysts at NAB commented “With AUD currently consolidating the 13% fall since mid-April we now formally revising our forecast, to suggest AUD/USD at 0.90 at the end of September, 0.88 by year end and down to the low 0.80’s later next year”.
AUD/USD key levels
At the moment the pair is up 0.91% at 0.9198 with the next resistance at 0.9328 (mid-June low) followed by 0.9388 (low 2011) and then0.9412 (channel line). On the downside, a break below 0.9147 (Fibo) would bring 0.9114 (June low) and finally 0.9000 (psychological support).
AUD/USD bouncing off lows
After bottoming in the area of 0.9130, the pair managed to pick up pace and extend the rebound to the current area around 0.9200. The Aussie calendar showed that inflation figures gauged by TD Securities rose 2.4% in a year to June, surpassing the previous advance. Analysts at NAB commented “With AUD currently consolidating the 13% fall since mid-April we now formally revising our forecast, to suggest AUD/USD at 0.90 at the end of September, 0.88 by year end and down to the low 0.80’s later next year”.
AUD/USD key levels
At the moment the pair is up 0.91% at 0.9198 with the next resistance at 0.9328 (mid-June low) followed by 0.9388 (low 2011) and then0.9412 (channel line). On the downside, a break below 0.9147 (Fibo) would bring 0.9114 (June low) and finally 0.9000 (psychological support).