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Forex: AUD/USD bulls defend 1.0550 after AU confidence data

By FXstreet.com,  January 15, 2013, 06:49:00 PM EDT

FXstreet.com (San Francisco) - The Australian dollar traded to session lows in early Asia after the Westpac/MI Consumer Sentiment Survey reported a rise of 0.6% after a 4.1% decline in December; the index is at 100.6 (from 100 previously).

AUD/USD fell to as low as 1.0552, but buying interest was strong at those lows, and spot now trades at its session highs, last at 1.0565, just a few pips above the close late Tuesday.

According to Valeria Bednarik, Chief Analyst at FXstreet.com, "Short term resistance comes around 1.0580/1.0600 area, and only a clear break of this last will favor an upward continuation towards 1.0660, while dips up to 1.0490 are seen as buying opportunities in the pair."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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