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11 Mar 2014
AUD/USD trims daily gains
FXStreet (Córdoba) - The AUD/USD has given up intraday gains during the European session, having pulled back from a high of 0.9049 where the 50-hour SMA capped the advance.
After failing to break decisively above 0.9050, the AUD/USD retreated to 0.9015 before finding support and settled in a more neutral zone around 0.9030 most recently. With no first-tier data scheduled for the New York session the AUD/USD could see further consolidation as gold takes a breather following last day's steep rally.
AUD/USD technical perspective
"In the medium-term, a decisive break above the resistance at 0.9086 would validate a bullish head and shoulders formation. The upside potential is given by 0.9312", said Luc Luyet, analyst at Swissquote Bank SA. "The long-term technical pattern remains negative as long as prices are below the resistance at 0.9168 (02/12/2013 high, see also the 200 day moving average)".
After failing to break decisively above 0.9050, the AUD/USD retreated to 0.9015 before finding support and settled in a more neutral zone around 0.9030 most recently. With no first-tier data scheduled for the New York session the AUD/USD could see further consolidation as gold takes a breather following last day's steep rally.
AUD/USD technical perspective
"In the medium-term, a decisive break above the resistance at 0.9086 would validate a bullish head and shoulders formation. The upside potential is given by 0.9312", said Luc Luyet, analyst at Swissquote Bank SA. "The long-term technical pattern remains negative as long as prices are below the resistance at 0.9168 (02/12/2013 high, see also the 200 day moving average)".