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9 Jul 2013
AUD/USD eases off highs in risk-off movement
FXstreet.com (New York) - The AUD/USD foreign exchange rate eased substantially in an instant Tuesday, triggered by a sweeping bout of risk aversion that is permeating the market.
At the time of writing, the AUD/USD is now trading at 0.9151, still recording an advance of +0.21% above its opening, though well off its highs that were in excess of the 0.9200 level (0.9203 intraday high).
AUD/USD technical bias
According to Karen Jones, an analyst at Commerzbank, “The AUD/USD faces risks in the near-term as a hold below the 0.9388/0.9404 resistance leaves the overall probability of a continued downside.”
In addition, “The AUD/USD’s move to the upside during yesterday and the Asian session today was triggered by a failure to stabilize below Linear Regression Indicator 34 and 55. However, the pair is within a descending channel, as stability below the key resistance level of the descending channel at 0.9290 keeps the possibility of extending the overall negative bias.”
The AUD/USD has stubbornly clung to the 0.9145 region (200-day SMA), as this is a critical level that will determine the pair’s near-term directional trend. Most recently, the pair weakened off the 55-day MA, as this region proved too much to handle – immediate resistance lies at 0.9145, onto 0.9190.
At the time of writing, the AUD/USD is now trading at 0.9151, still recording an advance of +0.21% above its opening, though well off its highs that were in excess of the 0.9200 level (0.9203 intraday high).
AUD/USD technical bias
According to Karen Jones, an analyst at Commerzbank, “The AUD/USD faces risks in the near-term as a hold below the 0.9388/0.9404 resistance leaves the overall probability of a continued downside.”
In addition, “The AUD/USD’s move to the upside during yesterday and the Asian session today was triggered by a failure to stabilize below Linear Regression Indicator 34 and 55. However, the pair is within a descending channel, as stability below the key resistance level of the descending channel at 0.9290 keeps the possibility of extending the overall negative bias.”
The AUD/USD has stubbornly clung to the 0.9145 region (200-day SMA), as this is a critical level that will determine the pair’s near-term directional trend. Most recently, the pair weakened off the 55-day MA, as this region proved too much to handle – immediate resistance lies at 0.9145, onto 0.9190.