27th June AUDUSD Market Analysis: The AUD/USD pair rallied during the session on Wednesday, but the 0.93 handle was far too resistive in order for the market to continue higher. The resulting daily candle is a shooting star that suggests that this market may not be able to bounce enough to provide a selling opportunity higher. Nonetheless, we believe that this market should offer massive amounts of resistance at the 0.95 level if we can get there. On the other hand, anywhere between here and there probably is going to be somewhat resistant as the downtrend has been so strong lately. Expect the Asian economies to continue to dictate where the Australian dollar goes, as the Aussies continue to suffer due to the fact that Asians are not buying their raw materials for economic expansion anymore. On top of that, gold markets should be watched as well as a really are starting to fall apart at this point. Both of those should continue to offer plenty of resistance to the Aussie dollar gaining in value for any length of time.
Posted on: Thu, 27 Jun 2013 05:35:45 +0000
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