Forex: AUD/USD extends daily high
Forex pairs in this Article »
AUD/USD
FXstreet.com (Barcelona) - Having climbed from an overnight low at 1.0461 to post a weekly high at 1.0511, AUDUSD has lost some momentum and declined into the US session.
The pair, currently trading at 1.0507, held at daily classic R1 resistance at 1.0509 in the build up to the US session but has broken higher and is currently just 4 pips shy of the high since September at 1.0515. A relatively quiet US calendar so far has seen Trade Balance figures slightly improve to a deficit of $40.24bln from $40.28bln previous and expectations of $40.60bln. Elsewhere wholesale inventories came in higher than expectations.
Valeria Bednarik, Independent analyst for Fxstreet.com notes that the pair has a strong upside momentum keeping the pair above 1.0500. However, she notes that it is still unclear if price will be able to extend to the upside and extend beyond 1.0510.
The pair, currently trading at 1.0507, held at daily classic R1 resistance at 1.0509 in the build up to the US session but has broken higher and is currently just 4 pips shy of the high since September at 1.0515. A relatively quiet US calendar so far has seen Trade Balance figures slightly improve to a deficit of $40.24bln from $40.28bln previous and expectations of $40.60bln. Elsewhere wholesale inventories came in higher than expectations.
Valeria Bednarik, Independent analyst for Fxstreet.com notes that the pair has a strong upside momentum keeping the pair above 1.0500. However, she notes that it is still unclear if price will be able to extend to the upside and extend beyond 1.0510.
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