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AUD/USD Approaching Range Support (July 30, 2013)
The range on AUD/USD is still holding for now, as the pair found resistance at the .9300 major psychological level earlier this week. The pair is now on its way to support around the .9050 minor psychological level.
Stochastic is in the oversold region, suggesting that a bounce might take place soon. There are no major reports from Australia today, which means that the ranges could hold, unless there’s a huge shift in market sentiment.
As for the US, only the CB consumer confidence and the S&P/CS house price index are up for release and these aren’t expected to cause wild price swings.
By Kate Curtis from Trader's Way
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