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17 Jul 2013
AUD/USD keeps intra-day bullish bias, 0.9315/30 critical
FXstreet.com (Barcelona) - Ahead of the European session, the AUD/USD exchange rate has come to test levels near Asian lows at 0.9220 following a twin topside failure ahead of 0.9240.
Bernanke testimony all that matters
While some intra-day volatility may pick up at the London open, as traders and investors position themselves for today's Bernanke's prepared testimonial text at 12.30GMT, followed by actual appearance before the Congress with the subsequent Q&A at 14GMT, the pair is likely to fail on taking any directional bias for the day until the market determines today's tone by Bernanke.
AUD/USD technical outlook
The AUD/USD managed to close above the 20-day MA for the first time since late April, a bullish development which needs now sustained strength by emerging dip buyers. Any setback on the near term upside bias should see bids return at 0.9180 - intraday - ahead of deeper retracement towards 0.9130 - July 15 intraday highs -. On the flip side, further strength should see critical resistance at 0.9315/30 threatened, with a break above it setting the stage for more ambitious targets, starting at 0.94 - sequence of lows through June 6 to 15 -.
Bernanke testimony all that matters
While some intra-day volatility may pick up at the London open, as traders and investors position themselves for today's Bernanke's prepared testimonial text at 12.30GMT, followed by actual appearance before the Congress with the subsequent Q&A at 14GMT, the pair is likely to fail on taking any directional bias for the day until the market determines today's tone by Bernanke.
AUD/USD technical outlook
The AUD/USD managed to close above the 20-day MA for the first time since late April, a bullish development which needs now sustained strength by emerging dip buyers. Any setback on the near term upside bias should see bids return at 0.9180 - intraday - ahead of deeper retracement towards 0.9130 - July 15 intraday highs -. On the flip side, further strength should see critical resistance at 0.9315/30 threatened, with a break above it setting the stage for more ambitious targets, starting at 0.94 - sequence of lows through June 6 to 15 -.