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Forex: AUD/USD selling dominates early Tokyo

By FXstreet.com,  May 28, 2012, 08:12:00 PM EDT

FXstreet.com (Barcelona) - The Australian Dollar has resumed its downward bias yet again after a fresh round of selling evaporated over 40 pips off AUD/USD value, currently exchanging hands at 0.9813 from a weekly high at 0.9887. The pair remains 0.57% or around 55 pips above lat Friday's NY close.

According to Valeria Bednarik, Chief Analyst at FXstreet.com, the pair continues trading purely on sentiment. From a technical perspective, the upside should not be favoured after the crack of 0.9820 static support. Bids around 0.9800 support are expected. Thin market conditions coupled with growing concerns over the cleanup of the Spanish banking sector has resulted on the violent recent moves just before the Tokyo open.




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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