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12 Jul 2013
AUD/USD continues a recovery
FXstreet.com (London) - AUD/USD has continued to recover from multi year lows on worse than expected US Michigan Consumer Sentiment.
US Michigan Consumer Sentiment has arrived 83.9 against 85.0 and lower than the previous 84.1. However, when the market begins to digest this number, comparatively speaking, this is not a bad number overall and still marks an improvement in consumers apatite for spending money when comparing to previous quarters throughout the recession and months leading into and during the start of 2013.
AUD/USD gap
Nonetheless, a nervous market will be taking shorter term views and reacting to data accordingly, especially in light of previous rhetoric from Bernanke’s FOMC minutes. In this respect, the pair had risen all the way back to 0.9075. The gaps entry point on the chart is 0.9040 and while the pair have been capped at 0.9075, and all the while it is oscillating lower between 0.9050/60, the downside could be resumed. The gap will become an obvious price target, if not by the close of play this week, it will offer an area of chatter in the forthcoming sessions and will not be ignored. Support below the psychological handle of 0.9000 comes in at 0.8957. Karen Jones, Chief Analyst at Commerzbank said a close below 0.9147 has seen recently and longer term the next target of
0.8550 engage en route to 0.8068, the 2010 low.
US Michigan Consumer Sentiment has arrived 83.9 against 85.0 and lower than the previous 84.1. However, when the market begins to digest this number, comparatively speaking, this is not a bad number overall and still marks an improvement in consumers apatite for spending money when comparing to previous quarters throughout the recession and months leading into and during the start of 2013.
AUD/USD gap
Nonetheless, a nervous market will be taking shorter term views and reacting to data accordingly, especially in light of previous rhetoric from Bernanke’s FOMC minutes. In this respect, the pair had risen all the way back to 0.9075. The gaps entry point on the chart is 0.9040 and while the pair have been capped at 0.9075, and all the while it is oscillating lower between 0.9050/60, the downside could be resumed. The gap will become an obvious price target, if not by the close of play this week, it will offer an area of chatter in the forthcoming sessions and will not be ignored. Support below the psychological handle of 0.9000 comes in at 0.8957. Karen Jones, Chief Analyst at Commerzbank said a close below 0.9147 has seen recently and longer term the next target of
0.8550 engage en route to 0.8068, the 2010 low.