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11 Feb 2014
AUD/USD breaks above 0.90 barrier, stops gone
FXStreet (Bali) - AUD/USD is building up on recent gains to the point of currently breaking above the 0.90 barrier, with some sizeable stops being tripped above the level.
Improved business confidence/condicionts in Australia has been the main catalyst along with a higher-than-expected Australian House price index.
Technically, in case of a breakout of 0.90, "would see the shorts running for cover and there is not too much to stop it heading towards the major Fibo level at 0.9075 (38.2% of 0.9757/0.8659) and the 13 Jan top at 0.9085, where decent sellers should be see", notes Jim Langlands, Founder at FXCharts.
Improved business confidence/condicionts in Australia has been the main catalyst along with a higher-than-expected Australian House price index.
Technically, in case of a breakout of 0.90, "would see the shorts running for cover and there is not too much to stop it heading towards the major Fibo level at 0.9075 (38.2% of 0.9757/0.8659) and the 13 Jan top at 0.9085, where decent sellers should be see", notes Jim Langlands, Founder at FXCharts.