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14 Aug 2013
AUD/USD fortified by support, though bearish headwinds remain
FXstreet.com (New York) - The AUD/USD foreign exchange rate rallied off earlier lows at 0.9081 (critical support/downside correction interval) Wednesday, rallying higher throughout US trading.
At this juncture, the AUD/USD is now navigating the region of 0.9141, en route to a steadfast climb of +0.33% above its opening. Briefing the technicals, the AUD/USD is trading at resistance at 0.9137 (20-day SMA), followed by 0.9183 (July 22 low), and 0.9215 (August 9 high).
AUD/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The AUDUSD is retesting 0.9085-0.9080 horizontal support level, and the ascending support for the ongoing bullish wave, and accordingly, the bullish scenario remains valid as the support level is holding. A break and stability below 0.9080 may signal a move lower to 0.9000.”
At this juncture, the AUD/USD is now navigating the region of 0.9141, en route to a steadfast climb of +0.33% above its opening. Briefing the technicals, the AUD/USD is trading at resistance at 0.9137 (20-day SMA), followed by 0.9183 (July 22 low), and 0.9215 (August 9 high).
AUD/USD strategic bias
According to the Technical Analyst Team at ICN.com, “The AUDUSD is retesting 0.9085-0.9080 horizontal support level, and the ascending support for the ongoing bullish wave, and accordingly, the bullish scenario remains valid as the support level is holding. A break and stability below 0.9080 may signal a move lower to 0.9000.”