Forex: AUD/USD breaks through support and trades at 1.0360/62
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AUD/USD
FXstreet.com (Barcelona) - The AUDUSD has been in a tailspin during European trading Thursday, as the pair has seemingly stumbled in a prolonged downward movement that has left the cross surrendering its gains and suffering a decline of -0.07%. In recent moments however, the pair has rebounded off of an intraday minimum of 1.0352, settling at 1.0360/62 at the time of writing.
According Global Strategist Sean Callow at Westpac, "Currently the AUDUSD has the lowest implied volatility since Feb 2007, which fits our ongoing neutral bias. The past week's 1.0288 low did at least mark a slight range break but it was short-lived. The topside should be capped around 1.0460/80 as US politicians keep equities nervous though a deal on Greece might help AUD indirectly."
After crashing through calculated support at 1.0370, ICN.com analysts have isolated additional means of correction at 1.0330, followed by 1.0300 (key barrier), and finally 1.0290. Conversely, the AUDUSD will encounter measures of resistance at 1.0385, 1.0420, and ultimately 1.0440.
On the data front, no indicators or announcements are expected out of both the Australian and US economies, the latter of which is on holiday given the observance of Thanksgiving.
According Global Strategist Sean Callow at Westpac, "Currently the AUDUSD has the lowest implied volatility since Feb 2007, which fits our ongoing neutral bias. The past week's 1.0288 low did at least mark a slight range break but it was short-lived. The topside should be capped around 1.0460/80 as US politicians keep equities nervous though a deal on Greece might help AUD indirectly."
After crashing through calculated support at 1.0370, ICN.com analysts have isolated additional means of correction at 1.0330, followed by 1.0300 (key barrier), and finally 1.0290. Conversely, the AUDUSD will encounter measures of resistance at 1.0385, 1.0420, and ultimately 1.0440.
On the data front, no indicators or announcements are expected out of both the Australian and US economies, the latter of which is on holiday given the observance of Thanksgiving.
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