Back
7 Mar 2013
Forex: AUD/USD nears 1.0300 as USD weakens
After finding support at the 20-hour SMA, AUD/USD resumed the upside during the New York session in a bout of USD weakness following central banks' announcements and US data.
The AUD/USD climbed over 40 pips within the last hours and reached a high of 1.0289 before losing steam. The pair has been unable to extend gains above the 1.0300 area this week despite several attempts.
At time of writing, AUD/USD is trading around 1.0275, where it records a 0.4% gain on Thursday. From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that steady gains above 1.0300 are still required to confirm an upward continuation in the pair.
Bednarik sees immediate resistances at 1.0300, 1.0335 and 1.0360, while she places supports at 1.0270, 1.0220 and 1.0180.
The AUD/USD climbed over 40 pips within the last hours and reached a high of 1.0289 before losing steam. The pair has been unable to extend gains above the 1.0300 area this week despite several attempts.
At time of writing, AUD/USD is trading around 1.0275, where it records a 0.4% gain on Thursday. From a technical perspective, Valeria Bednarik, chief analyst at FXstreet.com notes that steady gains above 1.0300 are still required to confirm an upward continuation in the pair.
Bednarik sees immediate resistances at 1.0300, 1.0335 and 1.0360, while she places supports at 1.0270, 1.0220 and 1.0180.