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19 Jun 2013
AUD/USD trading at intraday highs
FXstreet.com (New York) - The AUD/USD foreign exchange rate has rebounded Wednesday, having managed to sustain some manner of recovery attempt during US trading ahead of the FOMC.
AUD/USD stochastic remains negative
According to the Technical Analyst team at ICN.com, “The AUD/USD's downtrend has stopped without breaking Linear Regression Indicator 34 – a positive event on intraday basis. Simultaneously however, the pair resides below 0.9535 and the stochastic maintains its negative momentum therefore, we prefer to maintain neutrality in the US Session.”
Following a stabilization during US trading, the AUD/USD has pared its earlier losses to trade at to 0.9524, or a robust +0.38% above its opening at the time of writing. “The recent sell-off has put our focus on the momentum tools to cross lower to indicate resumption of downside. Support is at 0.9416 ahead of 0.9326. Resistance is at 0.9574, suggesting a bearish outlook.” notes Geoffrey Yu, a Research Analyst at UBS.
AUD/USD stochastic remains negative
According to the Technical Analyst team at ICN.com, “The AUD/USD's downtrend has stopped without breaking Linear Regression Indicator 34 – a positive event on intraday basis. Simultaneously however, the pair resides below 0.9535 and the stochastic maintains its negative momentum therefore, we prefer to maintain neutrality in the US Session.”
Following a stabilization during US trading, the AUD/USD has pared its earlier losses to trade at to 0.9524, or a robust +0.38% above its opening at the time of writing. “The recent sell-off has put our focus on the momentum tools to cross lower to indicate resumption of downside. Support is at 0.9416 ahead of 0.9326. Resistance is at 0.9574, suggesting a bearish outlook.” notes Geoffrey Yu, a Research Analyst at UBS.