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6 Aug 2013
AUD/USD bracing for retracement?
FXstreet.com (Chicago) - AUD/USD continued navigating on never ending tunnel as the pair remained within 3-year lows ranges.
Price action indicated an ephemeral attempt to break through 0.8932 (July 31st lows) immediate resistance. Despite accumulating 0.31% gains throughout Monday’s journey, the Aussie could not emerge from 3-year price depths. On outlook for public release of trade balance and housing market data in Australia, market participants might drive the pair downward to deteriorate the situation. The Reserve Bank of Australia will also release its decision regarding interest rates. The predictions of economists estimate the rate should be 2.50%, 0.25% less compared to the previous period.
Technically speaking, the pair traded at 0.8926 oscillating between supports at 0.8896 (August 3rd lows), 0.8882 (August 1st lows) ahead of 0.8852 (August 4th lows). On the upside, resistances were identified at 0.8932 (July 31st lows), 0.8943 (August 1st highs) and 0.8968 (August 2nd highs). For one-hour timeframe analysis, the FXstreet trend index reported the pair as slightly bullish with a MACD indicator pointing up.
Price action indicated an ephemeral attempt to break through 0.8932 (July 31st lows) immediate resistance. Despite accumulating 0.31% gains throughout Monday’s journey, the Aussie could not emerge from 3-year price depths. On outlook for public release of trade balance and housing market data in Australia, market participants might drive the pair downward to deteriorate the situation. The Reserve Bank of Australia will also release its decision regarding interest rates. The predictions of economists estimate the rate should be 2.50%, 0.25% less compared to the previous period.
Technically speaking, the pair traded at 0.8926 oscillating between supports at 0.8896 (August 3rd lows), 0.8882 (August 1st lows) ahead of 0.8852 (August 4th lows). On the upside, resistances were identified at 0.8932 (July 31st lows), 0.8943 (August 1st highs) and 0.8968 (August 2nd highs). For one-hour timeframe analysis, the FXstreet trend index reported the pair as slightly bullish with a MACD indicator pointing up.