FX.co ★ AUD/USD - Buy above 0.9341 - daily strategy for June 27, 2013

Yesterday the Australian dollar overcame 0.9294 area. After three attempts to break it, this pair at the moment is trading at 0.9322. Now it must face the 0.9341 area. A closure 4H chart above this level will open the way to the area of 0.9519, psychological level. It is the first weekly resistance. This morning during the American session, there will be data, which certainly will give strength to the U.S. dollar. On the other hand, China's economy is slowing, because of this, Australia is lagging with all the raw material used to be exported in large quantities. Also the price of gold is affecting this pair. The fact that today in the early hours of the day it reached the level of $1,222 per an ounce of gold is weakening the strength of the Aussie. On the other hand, people have begun to worry because the RBA will need to cut rates in the near term. However, we recommend you to buy this pair only if the price of the pair exceeds the 0.9341 area in 4H charts with objectives to the level of 0.9480.

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