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Forex: AUD/USD ranging between pivot levels

By FXstreet.com,  December 28, 2012, 05:16:00 AM EDT

FXstreet.com (Barcelona) - On a quiet and so far uneventful European session, AUD/USD has ranged with a slight upside bias and found respective support and resistance between classic pivot levels.

The pair climbed into the European session, posting a high at 1.0394, just below classic R1 resistance at 1.0398 before selling off to post a low one pip above the daily pivot point at 1.0372. Spot has since climbed to trade at 1.0377 but looks to be under some mild downside pressure.

With the majority of the European calendar over for today, Greek PPI YoY has come in at 2.4% against 4% previous, followed by Chicago PMI at 14:45 GMT and US Pending Home Sales at 15:00 GMT. The Danske Research team have a bearish view on the pair and recommend going short at 0.0385 for a 1.0259 target with a stop at 1.0430.




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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