Forex: AUD/USD stalls ahead of 1.0300

FXstreet.com (Córdoba) - The Australian dollar remains under pressure versus the greenback, weighed by soft global data and growing expectations of a rate cut by the RBA. However, after sliding to the 1.0230 area, AUD/USD managed to bounce and turned positive for the day, climbing over 60 pips from lows before the recovery stalled just shy of 1.0300.

At time of writing, AUD/USD is trading around 1.0275, where it is 0.2% above its opening price. As for technical levels, the Mataf.net analyst team locates next resistance levels at 1.0300, 1.0335 and 1.0360 while supports are seen at 1.0270, 1.0230 and 1.0220.

Apr 24, 2013

Euro poised for continued range-bound trading

The bloc currency keeps disconcerting investors in the most recent sessions, as today’s price action still leaves traders scratching their heads. It is worth noting that EUR/USD found sudden buying interest...

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Apr 24, 2013

Forex Flash: USD/CAD consolidating ahead of a push to the upper 1.03 area – TD Securities

TD Securities analysts are cautious on the broader outlook for risk as the trend in soft or softer than expected US data should continue with today’s US durable goods data. “The pattern over the past few years has been for early year exuberance in risk markets to reverse sharply through the spring, reflecting disappointment over the performance of the US economy”, wrote analysts Shaun Osborne and Greg Moore, adding that the run up in risk and the run down in the US data look eerily familiar. In regard to the USD/CAD, the cross is struggling to push on through selling interest in the upper 1.02 area but the broader trend remains positive and “we view the market as consolidating ahead of another push higher”. “Below 1.0260, there is a chance that spot drops back to the low 1.02 support zone but while support holds, we continue to look for a quick-ish push to the upper 1.03 area”, the analysts concluded.

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