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12 Jun 2013
AUD/USD upside capped around 0.9570
FXstreet.com (Barcelona) - It seems that the AUD/USD upside run out of steam around session highs in the vicinity of 0.9570 on Wednesday, falling since then to sub 0.9500 levels.
Broader outlook on AUD/USD remains bearish
The Aussie dollar is advancing for the third consecutive time on Wednesday, although this bull run would lack of solid foundations. “This rally in the commodity currencies that is unfolding is a longer-term selling opportunity, but re-entries should be on hold until market positioning moderates slightly – this is viewed as a short covering rally, not the establishment of new long positions”, commented Christopher Vecchio, Currency Analyst at DailyFX. The analyst does not rule out the occurrence of another bull attempt to the area of 0.9620/25 before offers turn up.
AUD/USD relevant levels
As of writing, the pair is up 0.69% at 0.9491 with the next resistance at 0.9573 (MA10d) ahead of 0.9575 (high Jun.7) and finally 0.9654 (MA21d). On the flip side, the support lies at 0.9416 (low Jun.12).
Broader outlook on AUD/USD remains bearish
The Aussie dollar is advancing for the third consecutive time on Wednesday, although this bull run would lack of solid foundations. “This rally in the commodity currencies that is unfolding is a longer-term selling opportunity, but re-entries should be on hold until market positioning moderates slightly – this is viewed as a short covering rally, not the establishment of new long positions”, commented Christopher Vecchio, Currency Analyst at DailyFX. The analyst does not rule out the occurrence of another bull attempt to the area of 0.9620/25 before offers turn up.
AUD/USD relevant levels
As of writing, the pair is up 0.69% at 0.9491 with the next resistance at 0.9573 (MA10d) ahead of 0.9575 (high Jun.7) and finally 0.9654 (MA21d). On the flip side, the support lies at 0.9416 (low Jun.12).