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17 Jun 2013
Aussie pops above 0.96 USD
FXstreet.com (Barcelona) - The Aussie has broken above the 0.96 USD handle to trade last at 0.9607 off recent session highs at 0.9612, less than 1 hour away from key risk event for the Asia-Pacific today in the form of New Motor Vehicle Sales (YoY) in Australia at 01:30 GMT.
Despite more negative news for China coming through the weekend from rating agency Fitch saying China's credit bubble has no precedent in history, and successive downward revisions for AUD/USD from a vary of banks and analysts, the pair has bounced strongly from past Tuesday's fresh 2.5-year lows at 0.9325, now finding bids above early session lows above 0.9550.
Immediate resistance to the upside for AUD/USD shows at recent session highs/June 04 lows 0.9608/12, followed by Friday's highs at 0.9656/67, while to the downside, closest support lies at recent session lows 0.9551, followed by June 05 lows at 0.9511.
Despite more negative news for China coming through the weekend from rating agency Fitch saying China's credit bubble has no precedent in history, and successive downward revisions for AUD/USD from a vary of banks and analysts, the pair has bounced strongly from past Tuesday's fresh 2.5-year lows at 0.9325, now finding bids above early session lows above 0.9550.
Immediate resistance to the upside for AUD/USD shows at recent session highs/June 04 lows 0.9608/12, followed by Friday's highs at 0.9656/67, while to the downside, closest support lies at recent session lows 0.9551, followed by June 05 lows at 0.9511.