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12 Jun 2013
AUD/USD retakes 0.9500
FXstreet.com (Barcelona) - The AUD/USD is extending its recovery from multi-month lows around 0.9320/25 on Tuesday, printing fresh session highs around 0.9500 the figure.
A squeeze in AUD/USD would be on the cards
In the data front, Consumer Confidence sponsored by Westpac rose 4.7% for the month of June, leaving behind the 7.0% drop from the previous print. According to Tim Riddell, Head of Global Markets Research at ANZ, “Recent price action in the 0.9480-0.9800 area is now seen to be an interim correction within the steep decline from 1.0585 with AUD at risk of extending its losses towards the 0.9205-0.9250 area or even 0.9060-70. HOWEVER, it should be noted that the fall from 0.9800 could form the last leg within the fall from 1.0585. A close above 0.9480 could trigger some pronounced squeeze”.
AUD/USD technical levels
As of writing, the pair is up 0.73% ay 0.9495 and a surpass of 0.9520 (hourly high Jun.7) would open the door to 0.9573 (MA10d) and finally 0.9575 (high Jun.7). On the downside, support levels line up at 0.9325 (low Jun.11) followed by 0.9223 (high Aug.2010) and then 0.9205 (low Sep.10).
A squeeze in AUD/USD would be on the cards
In the data front, Consumer Confidence sponsored by Westpac rose 4.7% for the month of June, leaving behind the 7.0% drop from the previous print. According to Tim Riddell, Head of Global Markets Research at ANZ, “Recent price action in the 0.9480-0.9800 area is now seen to be an interim correction within the steep decline from 1.0585 with AUD at risk of extending its losses towards the 0.9205-0.9250 area or even 0.9060-70. HOWEVER, it should be noted that the fall from 0.9800 could form the last leg within the fall from 1.0585. A close above 0.9480 could trigger some pronounced squeeze”.
AUD/USD technical levels
As of writing, the pair is up 0.73% ay 0.9495 and a surpass of 0.9520 (hourly high Jun.7) would open the door to 0.9573 (MA10d) and finally 0.9575 (high Jun.7). On the downside, support levels line up at 0.9325 (low Jun.11) followed by 0.9223 (high Aug.2010) and then 0.9205 (low Sep.10).