Forex: AUD/USD lacks definition; still below 1.0600

By FXstreet.com | January 14, 2013 AAA

FXstreet.com (San Francisco) - AUDUSD recovered most of Friday's losses Monday following last week's pullback from 1.06, gaining around 0.4% as it closed at 1.0567 from an earlier intraday low of 1.0520. "After failing to take over 1.0600, the AUDUSD has seen some bearish short term momentum, although 1.0550 continues to attract buyers," observes Valeria Bednarik, Chief Analyst at FXstreet.com.



So far this Tuesday in Asia, spot holds a slight offered tone in what is anticipated to be a relatively quiet session, given there is little market-moving economic data on offer. Technically speaking, "At this point, the pair lacks clear definitions and either above 1.0600 or below 1.0490 support, a clearer trend will develop," comments Bednarik. Once above 1.06, next bullish target is seen at 1.0660, while, to the downside, support may be found at 1.0550 and 1.0520 ahead of the mentioned 1.0490 level.



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