FX : AUD/USD recovers initial losses and hit 0.9075 as intraday high
The Aussie has set back its previous losses against the Greenback during the European session after bouncing at 0.8980, intra-day low, to break MA55 hourly chart at 0.9035 and reach daily high level at 0.9075.
Currently the pair is trading around 0.9060/70, recovering its previous losses and reaching 0.30% above today's opening price at 0.9040.
According to TJ Marta, analyst at The Overnight Express, the pair is Consolidating: “AUD/USD (0.9065) is up slightly overnight, holding near new high since Aug ’08 established Thursday. Technical resistance for AUD/USD exists at 0.9090 (Oct 8 high) and 0.9275 (May ’08). Support lies at 0.8570 (Oct 2 low), 0.8545 (Sep 14 low) and 0.8478 (Aug high). AUD/USD has correlated most strongly with equities (S&P 500, positive) and commodities (CRB, positive). The correlation with gold (positive) is slipping.”
