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18 Feb 2013
Forex: AUD/USD opens below 1.0300
The AUD/USD opens this week post-G20 meeting in Moscow showing some weakness, ahead of US markets closed on holiday, last at 1.0296, off recent fresh 3-day lows at 1.0278. Over the weekend, Australian Treasurer Wayne Swan spoke of the ‘headwind’ of the high AUD on CNBC, reported Eamonn Sheridan from ForexLive, which may have added to the bearish case.
“AUD/USD keeps focus to the downside,” says CMT and FXstreet.com Independent Analyst Fan Yang, “first to last week's low at 1.0226, and then below that, the 1.0150-1.0170 support area,” the analyst notes, adding: “A break above the channel and 1.0380 will be needed to neutralize the bearish outlook.” The pair so far crawls back to even since previous weekly close Friday, last above 1.0300 again.
Immediate resistance to the upside shows at Feb 13 lows 1.0317, followed by Feb 14 lows at 1.0326, and Feb 13 highs at 1.0361. To the downside, closest support lies at mentioned session and fresh 3-day lows 1.0278, followed by Feb 11 lows at 1.0262, and Feb 12 lows at 1.0226.
“AUD/USD keeps focus to the downside,” says CMT and FXstreet.com Independent Analyst Fan Yang, “first to last week's low at 1.0226, and then below that, the 1.0150-1.0170 support area,” the analyst notes, adding: “A break above the channel and 1.0380 will be needed to neutralize the bearish outlook.” The pair so far crawls back to even since previous weekly close Friday, last above 1.0300 again.
Immediate resistance to the upside shows at Feb 13 lows 1.0317, followed by Feb 14 lows at 1.0326, and Feb 13 highs at 1.0361. To the downside, closest support lies at mentioned session and fresh 3-day lows 1.0278, followed by Feb 11 lows at 1.0262, and Feb 12 lows at 1.0226.