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17 Feb 2014
The Aussie needs to decide where to go
FXStreet (Moscow) - AUD/USD touched an intraday high at 0.9067 during Asian hours, but failed to hold ground, started the downside corruption and reached current lows at 0.9040; Aussie is pretty quiet today, as the traders need to decide where to go.
Let’s see if the Aussie can go on rising
AUD/USD is a great fighter as even poor labor market data could not dishearten it. The bulls seized on the first opportunity to go on buying Aussie. Now that the pair finished the week above 0.9000 the long term perspectives are much brighter. though AUD/USD still needs to go past 0.9050-60 - this is the resistance zone that stopped the rally last week. Once it is clearly out of the way, the pair will move to 0.9085. Early in the morning the Aussie tried to grow above the said resistance zone as the markets reacted to the weekend news about aggregate financing growth in China to unprecedented $425.3 bn. But the upside momentum was too weak to go past the strong area. US markets are closed for the President Day today, so we expect quite low volume trading in the ranges. The downside may be limited by 0.9030 (minor demand), but if it is firmly broken, the bears may try to push it to 0.9000 and 0.8990 where new buying interest is located.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9015, with support below at 0.8986, 0.8935 and 0.8906, with resistance above at 0.9066, 0.9095 and 0.9146. Hourly Moving Averages are bullish, with the 200SMA at 0.8973 and the daily 20EMA at 0.8919. Hourly RSI is neutral at 68.
Let’s see if the Aussie can go on rising
AUD/USD is a great fighter as even poor labor market data could not dishearten it. The bulls seized on the first opportunity to go on buying Aussie. Now that the pair finished the week above 0.9000 the long term perspectives are much brighter. though AUD/USD still needs to go past 0.9050-60 - this is the resistance zone that stopped the rally last week. Once it is clearly out of the way, the pair will move to 0.9085. Early in the morning the Aussie tried to grow above the said resistance zone as the markets reacted to the weekend news about aggregate financing growth in China to unprecedented $425.3 bn. But the upside momentum was too weak to go past the strong area. US markets are closed for the President Day today, so we expect quite low volume trading in the ranges. The downside may be limited by 0.9030 (minor demand), but if it is firmly broken, the bears may try to push it to 0.9000 and 0.8990 where new buying interest is located.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9015, with support below at 0.8986, 0.8935 and 0.8906, with resistance above at 0.9066, 0.9095 and 0.9146. Hourly Moving Averages are bullish, with the 200SMA at 0.8973 and the daily 20EMA at 0.8919. Hourly RSI is neutral at 68.