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9 Sep 2013
AUD/USD spikes to 0.9244 6-week highs
FXstreet.com (Chicago) - AUD/USD reached 6-week highs at 0.9244 breaking above now triple-top levels around 0.9230 (August 7th highs and August 18th highs). The pair maintains 0.50% gains in the afternoon of the American trading session after housing market data in Australia and Fed’s Williams speech.
Strong opening
The Aussie opened the first day of the week strong as it had advanced against the greenback in the morning of Asia. Home loans for July were 2.4% vs. past 2.6% while investment lending for homes improved considerably at 2.9% vs. past -0.5%. In the US, Fed’s Williams repeated what he had said last week and stated he was going to attend the Fed’s meeting next September 17th and 18th with “an open mind”. He insisted he was 100% on board with Bernanke’s timeline for trimming the buying program and projected a US GDP growth for next year at 3%.
AUD/USD Technical Levels
Price action reveals the extension of a bullish channel above the upward trendline after last week’s reversal. The pair broke through triple tops to spike to 6-week peaks at 0.9244. Now trading at 0.9226, the pair trades between supports at 0.9188 (September 4th highs), 0.9133 (August 7th highs) ahead of 0.9091 (August 20th highs) and resistances at 0.9233 (August 18th highs), 0.9292 (July 26th highs) followed by 0.9344 (June 26th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains offered above the EMA20.
Strong opening
The Aussie opened the first day of the week strong as it had advanced against the greenback in the morning of Asia. Home loans for July were 2.4% vs. past 2.6% while investment lending for homes improved considerably at 2.9% vs. past -0.5%. In the US, Fed’s Williams repeated what he had said last week and stated he was going to attend the Fed’s meeting next September 17th and 18th with “an open mind”. He insisted he was 100% on board with Bernanke’s timeline for trimming the buying program and projected a US GDP growth for next year at 3%.
AUD/USD Technical Levels
Price action reveals the extension of a bullish channel above the upward trendline after last week’s reversal. The pair broke through triple tops to spike to 6-week peaks at 0.9244. Now trading at 0.9226, the pair trades between supports at 0.9188 (September 4th highs), 0.9133 (August 7th highs) ahead of 0.9091 (August 20th highs) and resistances at 0.9233 (August 18th highs), 0.9292 (July 26th highs) followed by 0.9344 (June 26th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and remains offered above the EMA20.