7 Jun 2013
Aussie breaks 0.9550 as selling resumes in Asia
FXstreet.com (Barcelona) - After experiencing a roller coaster of a trading day, the Aussie has been unable to follow through to the upside during the Asia session and is currently down 63 pips at.9494
The Aussie has now dropped nearly 8% since early May, and some analysts see the a consolidation phase intact given the major support levels near-by.“ Short positioning and likelihood of support holding in the 0.94 area (at least temporarily) leads us to expect recent losses to be consolidated not extended,” noted analysts at NAB Global
The FXStreet.com Trend Index remains in slightly bearish set up on the 1 hour chart, while the ob/os index reads neutral. Initial support remains at 0.9434 (previous day low), followed by 0.9390 (weekly support). First resistance sits at 0.9540 (the 20dma on 1 hour chart), followed by 0.9562 (the 9dma on 1 hour chart)
The Aussie has now dropped nearly 8% since early May, and some analysts see the a consolidation phase intact given the major support levels near-by.“ Short positioning and likelihood of support holding in the 0.94 area (at least temporarily) leads us to expect recent losses to be consolidated not extended,” noted analysts at NAB Global
The FXStreet.com Trend Index remains in slightly bearish set up on the 1 hour chart, while the ob/os index reads neutral. Initial support remains at 0.9434 (previous day low), followed by 0.9390 (weekly support). First resistance sits at 0.9540 (the 20dma on 1 hour chart), followed by 0.9562 (the 9dma on 1 hour chart)