by Tue, 02 Nov 2010 15:44:00 +0100
Forex: AUD/USD hovers around parity
FXstreet.com (Córdoba) – The Aussie reached a fresh high at 1.0020 against the Dollar but pulled back afterwards. AUD/USD is hovering around 1.000, still with upside momentum but losing strength after being unable to move away from parity.
“With the RBA hiking rates and the Fed expected to ease again at its meeting on November 3, traders are expected to continue to press the long side of the market. The key to sustaining the rally will be closing over 1.00 then establishing support at this level”, said James Hyerczyk, technical analyst at ForexHound.com.
The Australian Dollar is also retreating form daily highs across the board but is still posting important gains, supported by the RBA rate hike.
| Technical Analysis (2010-11-02 14:30 GMT) | |
|---|---|
AUD/USD 1.0001/1.0003 - O: 0.9754 H: 0.976 L: 0.9748 C: 0.975 | |
| Trend | R3: 1.0051 |
 | R2: 1.0026 |
| R1: 1.0001 | |
| S1: 0.9946 | |
| S2: 0.9971 | |
| S3: 0.9996 | |
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