Forex: AUD/USD extends gains on RBA's governor speech

Mon, 20 Sep 2010 07:01:00 +0200

Forex: AUD/USD extends gains on RBA's governor speech

FXstreet.com (Córdoba) - The Australian dollar has picked up momentum and is approaching to its over 2-year high boosted by a more hawkish speech from Glenn Stevens, RBA's Governor.

Stevens said at a forum in the regional city of Shepparton in Victoria state today that policy makers may need to resume raising interest rates as the mining growth strengthens the economy and drives up inflation.

AUD/USD has risen more than 80 pips from its intra session low to 0.9445 where the pair set a fresh daily high. Currently AUD/USD is trading at 0.9440, 0.65% above its opening price. AUD/JPY is quoting at the 80.90 area where it is 0.56% higher since opening.

Technical Analysis (2010-09-20 04:45 GMT)

AUD/USD 0.943/0.9433 - O: 0.9431 H: 0.9435 L: 0.9417 C: 0.9418

Trend R3: 0.9461
R2: 0.9438
R1: 0.9414
S1: 0.9358
S2: 0.9381
S3: 0.9405