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19 Mar 2013
Forex: AUD/USD testing support near 1.0368/70
FXstreet.com (Barcelona) - The AUD/USD has fallen sharply in recent minutes, on the heels of upbeat US data, after an upside attempt stalled at the 1.0382 region. At the time of writing, the cross is entrenched in negative territory, trading at support near 1.0368/70, -0.30% off its opening.
In the United States, Housing Starts (MoM) came in at 0.917M in February, beating projections of 0.915M.. Finally, Building Permits (MoM) yielded a figure of 0.946M, against estimates of only 0.925M.
According to Drvenica, “Hourly studies are losing traction, as the price slides below the 20-day EMA, which could trigger further weakness and possible retest of yesterday’s low at 1.0342 (also 50% of 1.0286/1.0412 upleg and near-term breakpoint).”
Slobodan Drvenica, an analyst at Windsor Brokers Ltd., calculates that any fall in the AUD/USD will be fortified by supports at 1.0363, then 1.0342, and ultimately 1.0315. Conversely, the pair will face short-term resistance at 1.0400, followed by 1.0412, ahead of 1.0456.
In the United States, Housing Starts (MoM) came in at 0.917M in February, beating projections of 0.915M.. Finally, Building Permits (MoM) yielded a figure of 0.946M, against estimates of only 0.925M.
According to Drvenica, “Hourly studies are losing traction, as the price slides below the 20-day EMA, which could trigger further weakness and possible retest of yesterday’s low at 1.0342 (also 50% of 1.0286/1.0412 upleg and near-term breakpoint).”
Slobodan Drvenica, an analyst at Windsor Brokers Ltd., calculates that any fall in the AUD/USD will be fortified by supports at 1.0363, then 1.0342, and ultimately 1.0315. Conversely, the pair will face short-term resistance at 1.0400, followed by 1.0412, ahead of 1.0456.