2 Dec 2013
AUD/USD breaks through 0.9130/50 resistance
FXstreet.com (Barcelona) - AUD/USD continues to press into higher levels, now breaking resistance zone through 0.9130/50 after a higher-than-expected China's HSBC PMI, which follows better-than-expected results on both official Chinese PMI over the weekend and Australian building permits/company's profits earlier.
According to Chris Capre, Founder at 2ndSkies: “Now in its third leg of the current downtrend, the Aussie is still in a bear trend, but slowing down a bit, the pair has trotted in place for the last three days, so buyers are stepping in for the moment. I'll look for a pullback setup to trade with the trend at 9229 with stops just above 9275. Downside targets are 9060 and 8900.”
According to Chris Capre, Founder at 2ndSkies: “Now in its third leg of the current downtrend, the Aussie is still in a bear trend, but slowing down a bit, the pair has trotted in place for the last three days, so buyers are stepping in for the moment. I'll look for a pullback setup to trade with the trend at 9229 with stops just above 9275. Downside targets are 9060 and 8900.”