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30 May 2013
AUD/USD buyers successfully defend the 0.9500 area
FXstreet.com (Barcelona) - The Aussie experienced a roller coaster of a day, trading as low as 0.9528 (lowest since Oct 2011) before reversing sharply higher and closing up 26 pips on the day at 0.9633.
Analysts at NAB Global commented, “the Australian Dollar hit a 19 month low at 0.9528 as the USD initially surged on rising bond yields, yet with the feedback loop running from lower stocks back to a 12bp drop in 10y yields, so too the rug was pulled from under the US Dollar, with the Aussie is more than a cent off its low and back above the 0.9582 level which triggered sell orders Wednesday”
The FXStreet.com Trend Index remains slightly bearish on the daily chart, while the ob/os index reads oversold. Initial support sits at 0.9606 (20dma on 1 hour chart), followed by 0.9582 (noted above). First resistance sits at 0.9669 (previous day high), followed by 0.9688 (the 9dma).
Analysts at NAB Global commented, “the Australian Dollar hit a 19 month low at 0.9528 as the USD initially surged on rising bond yields, yet with the feedback loop running from lower stocks back to a 12bp drop in 10y yields, so too the rug was pulled from under the US Dollar, with the Aussie is more than a cent off its low and back above the 0.9582 level which triggered sell orders Wednesday”
The FXStreet.com Trend Index remains slightly bearish on the daily chart, while the ob/os index reads oversold. Initial support sits at 0.9606 (20dma on 1 hour chart), followed by 0.9582 (noted above). First resistance sits at 0.9669 (previous day high), followed by 0.9688 (the 9dma).