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Forex: AUD/USD extending the correction above 1.0500

By FXstreet.com,  January 09, 2013, 02:13:00 AM EDT

FXstreet.com (Barcelona) - After bottoming in the proximity of 1.0485 on disappointing retail sales figures, the Aussie dollar has managed to bounce off those lows and trade back above the key resistance at 1.0500 on Wednesday.

Continuing in the data front, HIA New Home Sales advanced 4.7% on a monthly basis during November, surpassing the previous print at +3.4%.

AUD/USD is now advancing 0.04% at 1.0508 facing the next hurdle at 1.0519 (high Jan.8) followed by 1.0527 (high Jan.3) and finally 1.0535 (high Dec.19).
On the downside, a breach of 1.0470 (low Jan.8) would expose 1.0466 (low Jan.) and then 1.0465 (MA21d).




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

Referenced Stocks:



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