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27 Nov 2014
AUD/USD breaks above 0.8565/70, focus back to 0.86
FXStreet (Bali) - AUD/USD has chewed through stops above 0.8565/70, taking the rate to a new session high of 0.8581, as sentiment towards the Aussie improves following upbeat Australian Capex numbers, which adds to Dalian iron ore futures up over 2%.
According to Jim Langlands, Founder at FXCharts,: "We may see a bit of a squeeze back towards 0.8565 and possibly to 0.8600 (100 HMA) would not really surprise, above there would head back into the choppy consolidation area, where resistance at 0.8640 (200 HMA) and at 0.8670 would be targets". On the downside, expect bids to emerge while above 0.8515/30, with a break below exposing 0.85 again ahead of 0.8480 and 0.8450.
According to Jim Langlands, Founder at FXCharts,: "We may see a bit of a squeeze back towards 0.8565 and possibly to 0.8600 (100 HMA) would not really surprise, above there would head back into the choppy consolidation area, where resistance at 0.8640 (200 HMA) and at 0.8670 would be targets". On the downside, expect bids to emerge while above 0.8515/30, with a break below exposing 0.85 again ahead of 0.8480 and 0.8450.