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1 Apr 2013
Forex: AUD/USD back to 1.0426 resistance
FXstreet.com (Barcelona) - The AUD/USD fell to 1.0387 low during the Asian session, but the market was able to retrace it back to the 1.0400 and Friday’s close at 1.0412. The cross has pushed as high as 1.0426 as investors get ready for the NY session.
The economic calendar will welcome March manufacturing PMI data in the US, with market consensus pointing to a rise from 54.3 to 54.9 of the Markit indicator, and a slight drop of the ISM figure from 54.2 to 54.1. “The US manufacturing sector is continuing to enjoy a period of rebound as the bounce back in domestic economic growth momentum is pushing new orders and production activity close to their highest level in almost a year. This positive momentum should be sustained in April”, wrote TD Securities analyst Alvin Pontoh.
“AUD/USD stalled and has formed a near-term range between a resistance at 1.0426 and support at 1.0395. A break from this range could give a near-term directional clue. A break above 1.0425 does open up a near-term target toward the 1.05 handle, while a break below has the 1.0335-1.0350 area which contains the 38.2% retracement, in sight”, wrote FXstreet.com analyst Fan Yang.
The economic calendar will welcome March manufacturing PMI data in the US, with market consensus pointing to a rise from 54.3 to 54.9 of the Markit indicator, and a slight drop of the ISM figure from 54.2 to 54.1. “The US manufacturing sector is continuing to enjoy a period of rebound as the bounce back in domestic economic growth momentum is pushing new orders and production activity close to their highest level in almost a year. This positive momentum should be sustained in April”, wrote TD Securities analyst Alvin Pontoh.
“AUD/USD stalled and has formed a near-term range between a resistance at 1.0426 and support at 1.0395. A break from this range could give a near-term directional clue. A break above 1.0425 does open up a near-term target toward the 1.05 handle, while a break below has the 1.0335-1.0350 area which contains the 38.2% retracement, in sight”, wrote FXstreet.com analyst Fan Yang.