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13 Mar 2013
Forex: AUD/USD still limited below 1.0340 on disappointing domestic data
Following disappointing data today for Aussie, with Westpac consumer sentiment coming out at +2% when previous was +7.7%, and Aus home loans for the month of January down -1.5% when expected was at +0.2% and previous -2.1%, AUD/USD is last near session lows at 1.0316. The pair is still +0.8% higher for the week, off yesterday's fresh 2-week high at 1.0335.
As for CMT and FXstreet.com Independent Analyst Fan Yang: “AUD/USD broke above a recent consolidation and is therefore clearing above a falling channel with the 1.0340 and 1.0375 resistance levels in sight,” the analyst notes, adding: “It has turned slightly bullish, though failing to hold above 1.03 could be a sign of a weak bullish attempt. Above 1.0375, the next support/resistance pivot is around 1.0475. A return and hold below 1.02 could put the focus back to the downside,” Mr Yang concludes.
Fan finds support levels at: 1.0206, 1.0235 and 1.0275, while resistance levels: 1.0344, 1.0373 and 1.0413.
As for CMT and FXstreet.com Independent Analyst Fan Yang: “AUD/USD broke above a recent consolidation and is therefore clearing above a falling channel with the 1.0340 and 1.0375 resistance levels in sight,” the analyst notes, adding: “It has turned slightly bullish, though failing to hold above 1.03 could be a sign of a weak bullish attempt. Above 1.0375, the next support/resistance pivot is around 1.0475. A return and hold below 1.02 could put the focus back to the downside,” Mr Yang concludes.
Fan finds support levels at: 1.0206, 1.0235 and 1.0275, while resistance levels: 1.0344, 1.0373 and 1.0413.