Forex: AUD/USD retreats to 0.9150 after hitting intra-week high at 0.9175

Fri, Nov 6 2009, 12:54 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) – The Aussie is trading on consolidation mode against the Greenback after the last bullish movement which take the AUD/USD to hit highest levels since the Oct 29 at 0.9175. The pair has slid to test 0.9150 level during the European session.

Currently the pair is trading around 0.9150/60, 0.60% above today's opening price action at 0.9100. AUD/USD is extending its advance from yesterday low at 0.9025.

The Kshitij Consultancy Service Team comments: “Aussie broke above the 21-DMA Resistance (0.9141) during the day as expected and is now trading higher. As mentioned earlier we might see a rise towards 0.9200-20 in the US session today. Note that the projected Max-High for the day is 0.9224. Any sharp downmove is not looking likely now. However, if the immediate Resistance at 0.9180 holds and the pair gains downside momentum, we might see downmove towards 0.9050 in the US session today.”

AUD/USD

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