AUD/USD followed the mood of the major markets on Friday with the price suffering from the negative tone set by the increase in tensions on the Gaza Strip. The run towards the safe haven of the USD did see the price fall below the 1.0300 level for the first time in a while but with the markets being all over the place and a long decline the day before had the market caught with the idea of extending the decline during the last day of the week but thought better of it. The recovering S&P500. which was bouncing off a 4 month low provided support for the AUD to make back a little ground leading into the weekly close. We open the new week now at 1.0338 and it wouldn’t surprise for the markets to head higher first. Thin liquidity and as raft of stop loss orders above 1.0350 should be a interbank traders target. However, if seen we would be looking to sell again towards 1.0390 looking for the price to decline into the European or US morning. Expected range 1.0260/1.0390.
|3rd Support||2nd Support||1st Support||SPOT||1st Resistance||2nd Resistance||3rd Resistance|