Aussie Bears Battling .8353

Overnight the Reserve Bank of Australia left interest rates unchangedand issued a somewhat hawkish comment which helped weaken the AUD USD.

Daily Analysis

AUD USD

Overnight the Reserve Bank of Australia left interest rates unchanged and issued a somewhat hawkish comment which helped weaken the AUD USD.

Technical and fundamental factors are helping this pair rally during the New York session.  Two 50% retracement levels at .8354 and .8353 are providing the support.  The catalyst for today’s intraday rally was the better than expected U.S. ISM Report. 

This report triggered a rally in U.S. equity markets which helped increase demand for higher yielding currencies.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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