Back
2 Apr 2013
Forex: AUD/USD eases off highs to 1.0455/56
FXstreet.com (Barcelona) - The AUD/USD has been creeping lower off its maximums at 1.0481 during the US session. Since then the cross has managed to buoy itself positively, though has surrendered a part of its gains to trade at 1.0455/56 in these moments, still up +0.30% Tuesday.
Briefing the technicals, the AUD/USD is slated to face calculated resistance at 1.0495, ahead of 1.0510, and finally 1.0545. Conversely, any downside attempt or subsequent movement lower will encounter means of support at 1.0440, then 1.0415, and finally 1.0385, notes the ICN.com technical analyst team.
According to Global FX Strategist Sean Callow at RBS, “The rapid rebuild of spec long AUD positions since early March hints at waning confidence in broad USD measures. Commodity prices remain mostly unhelpful for AUD – local data will need to beat expectations for the AUD/USD to spend much time above 1.0500, with 1.0400 handle more comfortable.”
Briefing the technicals, the AUD/USD is slated to face calculated resistance at 1.0495, ahead of 1.0510, and finally 1.0545. Conversely, any downside attempt or subsequent movement lower will encounter means of support at 1.0440, then 1.0415, and finally 1.0385, notes the ICN.com technical analyst team.
According to Global FX Strategist Sean Callow at RBS, “The rapid rebuild of spec long AUD positions since early March hints at waning confidence in broad USD measures. Commodity prices remain mostly unhelpful for AUD – local data will need to beat expectations for the AUD/USD to spend much time above 1.0500, with 1.0400 handle more comfortable.”