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2 Apr 2014
AUD/USD downside correction is gaining traction
FXStreet (Moscow) - AUD/USD reached the intraday low at 0.9220 after opening at 0.9247
Downside correction has started
The resistance of 0.9300 proved to be too strong for Aussie bulls. The pair ended Tuesday in red at 0.9246 after opening at 0.9272 and continued sliding on Wednesday. Australian Building Approvals dropped by 5.0% in February after impressive growth by 6.9% in January. The data came out worse than expected and darkened short-term Aussie perspectives. AUD/USD is still above 0.9200 support, but the downside correction may gain traction if ADP Non-Farm employment change numbers, published during the American hours, show that the US labour market is on mend. The key support level is 0.9200. Once it is broken the downside may accelerate to 0.9170. The upside is likely to be limited by Tuesday’s opening level of 0.9272.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9261, with support below at 0.9215, 0.9184 and 0.9138, with resistance above at 0.9292, 0.9338 and 0.9369. Hourly Moving Averages are mixed, with the 200SMA at 0.9189 and the daily 20EMA is bullish at 0.9127. Hourly RSI is neutral at 46.
Downside correction has started
The resistance of 0.9300 proved to be too strong for Aussie bulls. The pair ended Tuesday in red at 0.9246 after opening at 0.9272 and continued sliding on Wednesday. Australian Building Approvals dropped by 5.0% in February after impressive growth by 6.9% in January. The data came out worse than expected and darkened short-term Aussie perspectives. AUD/USD is still above 0.9200 support, but the downside correction may gain traction if ADP Non-Farm employment change numbers, published during the American hours, show that the US labour market is on mend. The key support level is 0.9200. Once it is broken the downside may accelerate to 0.9170. The upside is likely to be limited by Tuesday’s opening level of 0.9272.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9261, with support below at 0.9215, 0.9184 and 0.9138, with resistance above at 0.9292, 0.9338 and 0.9369. Hourly Moving Averages are mixed, with the 200SMA at 0.9189 and the daily 20EMA is bullish at 0.9127. Hourly RSI is neutral at 46.