FXstreet.com (Barcelona) - After testing the 0.9020 support during the Asian and European session, AUD/USD has risen around 60 pips in the last two hours to break 0.9050 resistance and hit 0.9080 as fresh intra-day high. Currently the pair is trading around 0.9060/70, 0.05% below today's opening price action.
Today the pair has been trading in a narrow range between 0.9020 and 0.9050, on consolidation mode after reaching 14-month high at 0.9090 in the yesterday's American session.
According to TJ Marta, analyst at The Overnight Express, the AUD/USD is Slipping: AUD/USD (0.9035) is down slightly overnight after making a new high since Aug'08 yesterday. Technical resistance for AUD/USD exists at 0.9090 (Oct 8 high) and 0.9275 (May '08). Support lies at 0.8570 (Oct 2 low), 0.8545 (Sep 14 low) and 0.8478 (Aug high). AUD/USD has correlated most strongly with equities (S&P 500, positive) and commodities (CRB, positive). The correlation with gold (positive) is slipping.