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Currency Currency
by ForexNewsNow Team on November 1st, 2010

AUD/USD forex technical analysis round-up: Nov. 1

intraday analysis - The Australian FlagNEW YORK (Forex News Now) – As of around 9:00 A.M. GMT on Monday, the Australian dollar was trading right around 0.9889 against the U.S. dollar, up 1% on its open rate of 0.9856, in European morning currency market trading.

This is what the analysts say about the heavily traded currency pair in the near-term:

Forexcycle’s chart analysis predicted that “AUDUSD moves sideways in a range between 0.9651 and 0.9998. Further rise to 0.9950 area is expected later today. As long as 0.9998 resistance holds, one more fall to 0.9600 to reach next cycle bottom is still possible.”

FXstreet reported that “the AUD/USD has been able to edge higher over the Asian session following a slight dip to an overnight low in 0.9816 on a BoJ intervention scare.”

The realtime forex news outlet placed immediate resistance at 0.9919 and 0.9944 with support underneath at 0.9757 and 0.9733.

Forexlive reported that AUD/USD had briefly popped its head above the 99 cent mark to reach its day high of 0.9910, but has now quickly recovered the 99 cent level once more.

The forex analysis site also posited that “the China PMI number is obviously favoring the AUD with tomorrow’s rate meeting somewhat pushed to one side” and recommended that those following the AUD today keep a close eye on equities.

By ForexNewsNow Team

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