FXstreet.com (Barcelona) - It has been a long and arduous journey for the AUD/USD today, as it has occupied the doldrums for virtually the entire Asian and European sessions, bottoming out at 1.0473. A further decline was likely mitigated by the pair’s 50 hourly SMA, which doubled as a supportive measure Thursday.
According to the Westpac Analyst Team, “The test of 1.0600 seems to have been too much effort for AUD/USD, leaving the pair printing lower closes recently, albeit at a gentle pace. We suspect that the 2012 Jackson Hole conference is a repeat of the 2010 risk-on frenzy; likely to be steadily unwound, and thus chipping away at prominent potential beneficiaries such as AUD/USD.”
Presently the pair has pared its losses on the day and is trading at 1.0500. Mataf.net analysts bear witness to the supportive levels, calculated at 1.0469, 1.0432, and ultimately 1.0409. On the ascension, the AUD/USD will need to scale resistive measures at 1.0529, then 1.0552, and finally 1.0589.
According to the Westpac Analyst Team, “The test of 1.0600 seems to have been too much effort for AUD/USD, leaving the pair printing lower closes recently, albeit at a gentle pace. We suspect that the 2012 Jackson Hole conference is a repeat of the 2010 risk-on frenzy; likely to be steadily unwound, and thus chipping away at prominent potential beneficiaries such as AUD/USD.”
Presently the pair has pared its losses on the day and is trading at 1.0500. Mataf.net analysts bear witness to the supportive levels, calculated at 1.0469, 1.0432, and ultimately 1.0409. On the ascension, the AUD/USD will need to scale resistive measures at 1.0529, then 1.0552, and finally 1.0589.
