Forex: AUD/USD jumps above 0.9300 on weakened dollar

By IBTimes Staff Reporter | November 09 2009 8:05 PM

FXstreet.com (Sydney) - After the AUD/USD opened at 0.9297, the Aussie gained on a weak USD jumping 0.50c. It is currently trading at 0.9309. While the pair currently finds support at 0.8910 and resistance at 93.15, it is on an upward trend. If the AUD manages to overcome that, a stronger resistance line is at 0.9500. This was a major resistance line last year and also a record high.

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Risk aversion pushed the Dow Jones to a high of 2009. The pattern may be difficult to shake, as reported by Business Spectator. The weak US economy with unemployment rate at 10.2% will keep pressure on wages growth, spending and loan defaults and keep interest rates low for an extended period. This will keep the dollar exposed and vulnerable.

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