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11 Jun 2014
AUD/USD requiring key events to break ranges
FXStreet (Guatemala) - AUD/USD is trading at 0.9370, down -0.02% on the day, having posted a daily high at 0.9378 and low at 0.9367.
Valeria Bednarik, chief analyst at FXStreet noted that the “Aussie trades at its highest level in over 3-weeks against the greenback, having soared to 0.9384”. She went onto say however, “A price acceleration below 0.9360 could however be the missing trigger, favoring then an approach to the 0.9300 figure, while a break above 0.9390, will deny such possibility and favor a retest of mentioned year high of 0.9460”. Jane Foley, Senior Currency Strategist at Rabobank also commented and explained AUD/USD is currently approaching resistance in the 0.94 area. “While a break higher could strengthen the technical picture, we see risk that a AUD/USD0.92 to 0.84 range will dominant in the coming weeks”. So, markets now are seeking some impetus and sadly we have little on the calendar again apart from Westpac Consumer Confidence. We may need to hold out for the labour market data tomorrow.
AUD/USD Levels
With spot trading at 0.9370, we can see next resistance ahead at 0.9370 (Daily Classic R1), 0.9373 (Daily Open), 0.9378 (Daily High), 0.9379 (Monthly High) and 0.9383 (Daily Classic R2). Support below can be found at 0.9367 (Daily Low), 0.9364 (Hourly 20 EMA), 0.9356 (Weekly High), 0.9351 (Daily Classic PP) and 0.9341 (Yesterday's Low).
Valeria Bednarik, chief analyst at FXStreet noted that the “Aussie trades at its highest level in over 3-weeks against the greenback, having soared to 0.9384”. She went onto say however, “A price acceleration below 0.9360 could however be the missing trigger, favoring then an approach to the 0.9300 figure, while a break above 0.9390, will deny such possibility and favor a retest of mentioned year high of 0.9460”. Jane Foley, Senior Currency Strategist at Rabobank also commented and explained AUD/USD is currently approaching resistance in the 0.94 area. “While a break higher could strengthen the technical picture, we see risk that a AUD/USD0.92 to 0.84 range will dominant in the coming weeks”. So, markets now are seeking some impetus and sadly we have little on the calendar again apart from Westpac Consumer Confidence. We may need to hold out for the labour market data tomorrow.
AUD/USD Levels
With spot trading at 0.9370, we can see next resistance ahead at 0.9370 (Daily Classic R1), 0.9373 (Daily Open), 0.9378 (Daily High), 0.9379 (Monthly High) and 0.9383 (Daily Classic R2). Support below can be found at 0.9367 (Daily Low), 0.9364 (Hourly 20 EMA), 0.9356 (Weekly High), 0.9351 (Daily Classic PP) and 0.9341 (Yesterday's Low).