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28 Jan 2014
AUD/USD breaks above 0.8750/55 on strong Aus business conditions
FXstreet.com (Barcelona) - AUD/USD is trading higher in Asia after Australian business conditions hit a 2½ year high.
AUD/USD has broken above the 0.8750/55 barrier, making new highs for the week at 0.8766 ahead of reported CTA selling interest at 0.8770/80, area that coincides with a sequence of lows from Jan 15, 21.
In terms of technical resistances, if 0.8770/80 can be cleared, in view of Jim Langlands, Founder at FXCharts, "the initial technical points to watch today are at 0.8775 and 0.8795 (100 & 200 HMA respectively). Above 0.8800 would see a run towards 0.8820 (38.2% of 0.9085/0.8660) and potentially towards last week’s high at 0.8885, although this looks some way off."
AUD/USD has broken above the 0.8750/55 barrier, making new highs for the week at 0.8766 ahead of reported CTA selling interest at 0.8770/80, area that coincides with a sequence of lows from Jan 15, 21.
In terms of technical resistances, if 0.8770/80 can be cleared, in view of Jim Langlands, Founder at FXCharts, "the initial technical points to watch today are at 0.8775 and 0.8795 (100 & 200 HMA respectively). Above 0.8800 would see a run towards 0.8820 (38.2% of 0.9085/0.8660) and potentially towards last week’s high at 0.8885, although this looks some way off."