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13 Aug 2013
AUD/USD resurrecting? reverses lower lows pattern
FXstreet.com (Chicago) - AUD/USD bounced off intraday lows at 0.9100 post National Australia Bank data.
The NAB business confidence index for July was -3 vs. previous flat result last month, maintaining business conditions at -7. The overall short term outlook for the Australian Dollar remains constructive despite being down 0.26% on the day. Later on the U.S. session, the pair faces the trade balance and retail sales data in the U.S.
Technically speaking the pair trades at 0.9121 between supports at 0.9098 (August 8th lows), 0.9078 (July 13th lows) ahead of 0.9050 (June 30th lows) and resistances at 0.9140 (July 8th highs), 0.9163 (June 22nd lows) followed by 0.9191 (July 2nd highs). The FXstreet.com trend index reports the pair as bearish on one-hour timeframe analysis.
The NAB business confidence index for July was -3 vs. previous flat result last month, maintaining business conditions at -7. The overall short term outlook for the Australian Dollar remains constructive despite being down 0.26% on the day. Later on the U.S. session, the pair faces the trade balance and retail sales data in the U.S.
Technically speaking the pair trades at 0.9121 between supports at 0.9098 (August 8th lows), 0.9078 (July 13th lows) ahead of 0.9050 (June 30th lows) and resistances at 0.9140 (July 8th highs), 0.9163 (June 22nd lows) followed by 0.9191 (July 2nd highs). The FXstreet.com trend index reports the pair as bearish on one-hour timeframe analysis.