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10 Sep 2013
AUD/USD keeps pushing higher, 0.9300 closer
FXstreet.com (Edinburgh) -The Aussie dollar continues its march higher on Tuesday as the risk-on trade is not surrendering ground so far, lifting the AUD/USD to the vicinity of 0.9290.
AUD/USD in multi-week highs
The pair is now closer to the key resistance at 0.9300 the figure, prompting investors to think that a test of 2-month highs at 0.9345 (June 26th) is possible in the short term. In the opinion of Geoffrey Yu and Gareth Berry, Strategists at UBS, “despite the recent price action, it is far too soon to assume the worst is over for the Australian dollar. The currency is still a sell on rallies inour view, and our 1m and 3m AUDUSD forecasts remain at 0.88”.
AUD/USD levels to watch
At the moment the pair is gaining 0.61% at 0.9287 and a surpass of 0.9296 (high Jul.16) would expose 0.9320 (high Jul.24) and then 0.9340 (high Jun.27). On the flip side, the initial support lies at 0.9216 (low Sep.10) followed by 0.9167 (low Sep.9) and finally 0.9115 (lows Sep.5/6).
AUD/USD in multi-week highs
The pair is now closer to the key resistance at 0.9300 the figure, prompting investors to think that a test of 2-month highs at 0.9345 (June 26th) is possible in the short term. In the opinion of Geoffrey Yu and Gareth Berry, Strategists at UBS, “despite the recent price action, it is far too soon to assume the worst is over for the Australian dollar. The currency is still a sell on rallies inour view, and our 1m and 3m AUDUSD forecasts remain at 0.88”.
AUD/USD levels to watch
At the moment the pair is gaining 0.61% at 0.9287 and a surpass of 0.9296 (high Jul.16) would expose 0.9320 (high Jul.24) and then 0.9340 (high Jun.27). On the flip side, the initial support lies at 0.9216 (low Sep.10) followed by 0.9167 (low Sep.9) and finally 0.9115 (lows Sep.5/6).