AUD/USD Higher in New York Session Dealings (ADE)
By David A. Moore
February 02, 2010 11:30 AM
February 02, 2010 11:30 AM
Although the Market was pricing in the RBAs' likelihood of a pause in rate raises once the news hit the Aud/Usd plunged over 100 pips before finding support at .8775 level(.8785 is support for the 30 M/A on weekly charts)The Aud/Usd has since found buying interest and is currently at .8825. Expect the volatility to continue as the U.S releases a slew of reports this week. We see the Aud/Usd trading up against both support at .8785 and resistance at .8960.
This pair should be traded cautiously as the Aussie is very vunerable to sharp rallies in the USD.
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