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29 Jan 2014
AUD/USD approaches Tuesday's highs following Turkish central bank moves
FXstreet.com (Córdoba) - The AUD/USD spiked to the upside reaching a daily high at 0.8813 following the decision of the Turkish central bank to lift the overnight interest rate from 7.75% to 12%, in order to control the depreciation of the local currency. The pair was trading around 0.8780 before the decision.
Technical outlook for the AUD/USD
According to Valeria Bednarik, Chief Analyst at FXStreet, 0.8820 is a key resistance. “In the 4 hours chart technical readings maintain a positive tone, yet only above mentioned level, the pair will be able to extend gains eyeing 0.8880/90 price zone”, said Bednarik.
To the downside, the AUD/USD found support during the American session at 0.8760; below the next potential support could be located at 0.8730 and 0.8705.
Technical outlook for the AUD/USD
According to Valeria Bednarik, Chief Analyst at FXStreet, 0.8820 is a key resistance. “In the 4 hours chart technical readings maintain a positive tone, yet only above mentioned level, the pair will be able to extend gains eyeing 0.8880/90 price zone”, said Bednarik.
To the downside, the AUD/USD found support during the American session at 0.8760; below the next potential support could be located at 0.8730 and 0.8705.