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10 Sep 2013
AUD/USD looks set for further gains
FXstreet.com (Athens)- The AUD/USD pushed above the August high of 0.9233, with solid support coming from better than expected business confidence data.
The AUD/USD seems to have moved from a bear market to a more bullish one
Indeed, the Aussie has moved from a bear market, interspersed by short upward corrections, to a more bullish one. It found support coming from the new elected government, as well as due on the fact that China has come through its soft spot and Japanese growth seems to have genuinely turned a corner for now. Taken for granted the Chinese solid data, in combination with positive S&P/ASX response to Tony Abbott’s Liberal-National Coalition win in the Australian federal elections, it is probable that the Aussie may find additional momentum. All in all, we could say that the Aussie has taken its lead mostly on Chinese data.
Technical Outlook and Strategic Bias on AUD/USD
According to Marc Chandler, Global Head Strategy from BBH MarketView “The Australian dollar appears to have carved out a double bottom and is testing the neckline near $0.9200. A convincing break would project a move toward $0.9500, although the $0.9300 area may prove difficult to breach initially. Initial support is seen around $0.9100.” At the time of writing the pair is trading at 0.9273, up 0.50%. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15 minutes chart. Daily pivot point support can be found at S3: 0.9149 S2: 0.9126 S3: 0.9103, and resistance at R1: 0.9300 R2:0.9322 R3: 0.9374, respectively.
The AUD/USD seems to have moved from a bear market to a more bullish one
Indeed, the Aussie has moved from a bear market, interspersed by short upward corrections, to a more bullish one. It found support coming from the new elected government, as well as due on the fact that China has come through its soft spot and Japanese growth seems to have genuinely turned a corner for now. Taken for granted the Chinese solid data, in combination with positive S&P/ASX response to Tony Abbott’s Liberal-National Coalition win in the Australian federal elections, it is probable that the Aussie may find additional momentum. All in all, we could say that the Aussie has taken its lead mostly on Chinese data.
Technical Outlook and Strategic Bias on AUD/USD
According to Marc Chandler, Global Head Strategy from BBH MarketView “The Australian dollar appears to have carved out a double bottom and is testing the neckline near $0.9200. A convincing break would project a move toward $0.9500, although the $0.9300 area may prove difficult to breach initially. Initial support is seen around $0.9100.” At the time of writing the pair is trading at 0.9273, up 0.50%. The FXstreet.com Trend Index shows the pair to be slightly bullish in the 15 minutes chart. Daily pivot point support can be found at S3: 0.9149 S2: 0.9126 S3: 0.9103, and resistance at R1: 0.9300 R2:0.9322 R3: 0.9374, respectively.