Forex: AUD/USD reaches 2-week highs

The Australian dollar advanced to its highest level in over 2 weeks against the greenback, supported by market's positive mood.

After finding support once again at the 20-hour SMA around 1.0265, AUD/USD resumed the upside and having climbed nearly 70 pips, it recently printed a 2-week high of 1.0333.

As for technical levels, if the Aussie breaks above the 1.0335 area, next resistances are seen at 1.0355 (200-day SMA) and 1.0400 (psychological level/100-day SMA), while in case of dips supports could be found at 1.0265/70 (intraday low/20-day SMA), 1.0255 (100-huor SMA) and 1.0200 (psychological level).

Mar 12, 2013

Rehn defends Eurozone’s austerity policy

European Commissioner for Economic and Monetary Affairs Olli Rehn spoke against the critics of budget cutting measures recommended by the European Union in an interview published today in a Finnish newspaper.

American equity markets open cautiously on European concerns

The US Stock market experienced a slightly negative opening Tuesday as investors take a collective breathe following a weeklong stint of positive gains. The mood in Europe was cautious and tepid at best following the downgrade in Italy and renewed worries for the future of the bolc’s third largest economy.