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Forex: AUD/USD finds support at 0.9260 and rises to test 0.9300

Tue, Nov 10 2009, 20:44 GMT
http://www.fxstreet.com

FXstreet.com (Córdoba) – The Australian Dollar is testing levels above 0.9300. AUD/USD peaked earlier at 0.9323, posting a fresh two week high but failed to hold above 0.9300 and pulled down finding support at 0.9260. Form there the pair started to rise again to the current level at 0.9299/0.9304, which is 0.06% above today’s opening price.

Michael J. Malpede, analyst at Easy Forex comments: “The technical outlook for the AUD is positive as the AUD rallies above 9200. Expect AUD support at 9185 the November 9th low with resistance at 9345 the August 4th 2008 high.”

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2010 "FXstreet.com. The Forex Market" All Rights Reserved.