{"id":11060,"date":"2010-07-13T15:34:30","date_gmt":"2010-07-13T19:34:30","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=11060"},"modified":"2010-07-13T15:34:30","modified_gmt":"2010-07-13T19:34:30","slug":"audusd-tests-upper-bands-of-consolidation","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/07\/13\/audusd-tests-upper-bands-of-consolidation\/","title":{"rendered":"AUD\/USD Tests Upper Bands of Consolidation"},"content":{"rendered":"

By Fast Brokers<\/strong> – The Aussie is testing the upper bands of its recent consolidation pattern as the EUR\/USD and Cable run higher in the wake of a successful debt auction in Greece.\u00a0 Investors have shrugged off weak EU economic data and a Moody\u2019s downgrade of Portugal\u2019s debt and are instead focusing on Greece\u2019s oversubscribed debt auction and a solid earnings report from blue-chip Alcoa.\u00a0 Australia was relatively quiet on the data wire today, although business confidence did decline by a basis point.\u00a0 Meanwhile, the Aussie looks set to perform well should investor sentiment continue to improve around the globe.\u00a0 Recent economic data from Australia has been encouraging, including yesterday\u2019s stronger than expected home loans figure.\u00a0 Investors should also keep in mind that last week\u2019s employment data topped estimates and the RBA expressed confidence in the sustainability of Australia\u2019s economic recovery.\u00a0 Hence, if the environment continues to improve in the EU and U.S. then the RBA has little reason to loosen monetary policy and more incentive to tighten in the future, a positive for the Aussie.\u00a0 However, we will have to see how the week unfolds with key economic data from China, the EU, and U.S. over the coming days along with U.S. corporate earnings.<\/p>\n

Technically speaking, the Aussie faces technical barriers in the form of 7\/8 and June highs.\u00a0 Additionally, the highly psychological .90 level could serve as a sufficient barrier should it be tested.\u00a0 Therefore, the Aussie does have limited room to the topside unless it receives another strong fundamental or psychological boost.\u00a0 As for the downside, the Aussie has multiple near-term uptrend lines working in its favor along with intraday lows and its psychological .85 level.<\/p>\n

Price: .8779
\nResistances:\u00a0 .8789, .8804, .8828, .8858, .8879, .8902
\nSupports:\u00a0 .8760, .8743, .8726, .8710, .8690, .8670, .8646
\nPsychological:\u00a0 .90, .85, June highs and July lows<\/p>\n

\"\"<\/a><\/p>\n

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(click chart to enlarge)<\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers.<\/a><\/strong><\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The Aussie is testing the upper bands of its recent consolidation pattern as the EUR\/USD and Cable run higher in the wake of a successful debt auction in Greece.\u00a0 Investors have shrugged off weak EU economic data and a Moody\u2019s downgrade of Portugal\u2019s debt and are instead focusing on Greece\u2019s oversubscribed … <\/p>\n

Continue reading “AUD\/USD Tests Upper Bands of Consolidation”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-11060","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/11060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=11060"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/11060\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=11060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=11060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=11060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}