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1 Jul 2014
AUD/USD reaches 0.9500
FXStreet (Córdoba) - The AUD/USD rose further during the American session and climbed to 0.9504, hitting the strongest level since November 7, 2014. The pair is hovering around the 0.9500 area, posting a 0.70% gains so far for the day.
A weak US dollar, particularly during the American session, when it reached fresh lows across the board, and a strong Australian dollar, following RBA statement, pushed the AUD/USD to the upside.
AUD/USD outlook
The pair still holds a bullish tone and is testing an important psychological level. Some short term indicators show overbought conditions but the break of the key resistance area around 0.9430/50 that capped the upside during the previous three months gave momentum to the pair.
To the upside, above 0.9505 the next resistance could be located at 0.9515 and then 0.9540 (November 5, 6 highs). To the downside support levels might lie at 0.9470 (intraday level) and 0.9445.
A weak US dollar, particularly during the American session, when it reached fresh lows across the board, and a strong Australian dollar, following RBA statement, pushed the AUD/USD to the upside.
AUD/USD outlook
The pair still holds a bullish tone and is testing an important psychological level. Some short term indicators show overbought conditions but the break of the key resistance area around 0.9430/50 that capped the upside during the previous three months gave momentum to the pair.
To the upside, above 0.9505 the next resistance could be located at 0.9515 and then 0.9540 (November 5, 6 highs). To the downside support levels might lie at 0.9470 (intraday level) and 0.9445.