11 Jul 2013
AUD/USD back threatening 0.93, Shanghai supports move
FXstreet.com (Barcelona) - The AUD/USD exchange rate is picking up upside momentum again, currently approaching the 0.93 handle, where profit taking was noted post Bernanke-driven rally.
Aussie buoyed by Shanghai, headline jobs number
If during the past weeks AUD/USD had been hit by a 'perfect bearish storm', in the last 12h of trading, the opposite is true, with the Aussie emboldened by a massive USD long squeeze, the Shanghai equity market up almost 2%, and the Australian jobs report showing a headline number stronger-than-expected, although by looking from a closer look, the numbers were poor.
AUD/USD technical outlook
According to Jim Langlands, Founder at FXCharts, "The AUD/USD has now broken the topside of the channel of the last few months and looks as though a medium term base could be in place for the possibility of further gains towards 0.9300 and possibly the 26 June high at 0.9344. Above here, the first Fibo level is to be seen at 0.9395 (23.6% of 1.0580/0.9035)..."
Aussie buoyed by Shanghai, headline jobs number
If during the past weeks AUD/USD had been hit by a 'perfect bearish storm', in the last 12h of trading, the opposite is true, with the Aussie emboldened by a massive USD long squeeze, the Shanghai equity market up almost 2%, and the Australian jobs report showing a headline number stronger-than-expected, although by looking from a closer look, the numbers were poor.
AUD/USD technical outlook
According to Jim Langlands, Founder at FXCharts, "The AUD/USD has now broken the topside of the channel of the last few months and looks as though a medium term base could be in place for the possibility of further gains towards 0.9300 and possibly the 26 June high at 0.9344. Above here, the first Fibo level is to be seen at 0.9395 (23.6% of 1.0580/0.9035)..."