{"id":7094,"date":"2010-02-24T12:30:37","date_gmt":"2010-02-24T17:30:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7094"},"modified":"2010-02-24T12:30:37","modified_gmt":"2010-02-24T17:30:37","slug":"audusd-bounces-off-intraday-lows-ahead-of-bernanke","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/24\/audusd-bounces-off-intraday-lows-ahead-of-bernanke\/","title":{"rendered":"AUD\/USD Bounces Off Intraday Lows Ahead of Bernanke"},"content":{"rendered":"

By Fast Brokers <\/strong>– The Aussie is bouncing off intraday lows after the currency pair dropped below 2\/19 lows during the Asia trading session.\u00a0 The Aussie came under selling pressure earlier wage prices came in at 0.6%, 2 basis points below analyst expectations.\u00a0 Since inflationary pressures aren\u2019t reflected in wages at this point in time the RBA could opt to keep its monetary policy unchanged next week.\u00a0 However, there remains a good amount of uncertainty in \"\"<\/a>regards to whether the RBA will raise next week or not.\u00a0 Hence, the Aussie could prove to be a volatile currency over the next few trading sessions.\u00a0 Australia will release Private CapEx tomorrow and stronger than expected capital spending could send the Aussie higher, and vice versa.\u00a0 Meanwhile, investors are awaiting U.S. New Home Sales accompanied by Bernanke\u2019s testimony before Congress.\u00a0 Investors will be paying particularly close to Bernanke this time around since the Fed raised its discount rate by 25 basis points last week.\u00a0 Therefore, any surprise statements from Bernanke could have a sizable impact on the Dollar.\u00a0 Bernanke will continue his testimony tomorrow along with a public address from the BoE\u2019s king and U.S. Durable Goods Orders data.\u00a0 Hence, activity in the FX markets could pick up over the 24 hours should statements from central banks or economic data stray from expectations.<\/p>\n

Technically speaking, the Aussie has multiple uptrend lines serving as technical cushions along with intraday and 2\/12 lows.\u00a0 Speaking of 2\/12 lows, investors should eye our 1st tier uptrend line since it runs through these levels.\u00a0 Hence, a failure of our 1st tier uptrend line could yield a retest of the .8780 area over the near-term.\u00a0 As for the topside, the Aussie has multiple downtrend lines serving as technical barriers along with the highly psychological. .90 level should it be tested.<\/p>\n

Price: .8914<\/p>\n

Resistances: .8920, .8936, .8957, .8969, .8984, .9008<\/p>\n

Supports: .8903, .8885, .8873, .8856, .8842, .8823<\/p>\n

Psychological: .90, February highs<\/p>\n

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

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

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

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither 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","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The Aussie is bouncing off intraday lows after the currency pair dropped below 2\/19 lows during the Asia trading session.\u00a0 The Aussie came under selling pressure earlier wage prices came in at 0.6%, 2 basis points below analyst expectations.\u00a0 Since inflationary pressures aren\u2019t reflected in wages at this point in time … <\/p>\n

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