The AUDUSD continued moving higher again today and broke up past 0.9040 – 0.9125 resistance that we discussed in our August 5th commentary. The next resistance is the key level up near 0.9300 – 0.9345, and if the recent counter-trend retrace higher continues and price pushes up into this resistance, it could cause this recent rally to stall or rotate lower next week. Traders can keep an eye out for price action sell signals forming at that key resistance next week if the market moves up into it.
View Fundamental Commentary & Upcoming Economic News ?
Forex Commentary:
In the currency markets today, The U.S. dollar gained back some of its recent lost ground today against other major currencies.
The Australian dollar gained ground against the U.S. dollar today, gaining about 1.0 percent on the day after a 1.2 percent gain on Thursday.
The greenback also lost ground to the Japanese yen today, losing about 0.5 percent on the day to the Japanese currency.
Other Markets:
In the U.S. markets today, stocks lost ground again and had their biggest weekly decline since June, as speculation grows about when the Federal Reserve will start scaling back its stimulus.
The Dow lost 72.81 points, or 0.47 percent, the S&P 500 lost 6.06 points, or 0.36 percent, and the Nasdaq lost 9.02 points, or 0.25 percent.
Upcoming important economic announcements (New York time): 8/11/2013
7:50pm EST: Japan – Prelim GDP q/q
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