10 Dec 2013
AUD/USD capped by 0.91/9120 offers cluster
FXstreet.com (Bali) - AUD/USD has continued to slowly inch up in the Asia session, after finding solid demand at 0.9070 session low yet it was faced, again, with 0.91/9120 offers - kumo cloud bottom on the H4 chart -.
Fundamentally, China published a slew of economic indicators, which were received in a muted fashion by traders, as the Aussie barely reacted to the data. While China's industrial production (YoY)for the month of November came slightly lower-than-expected at 10% vs 10.1% exp and 10.3% last, retail sales (YoY)beat expectations by rising 13.7% vs 13.3% exp and 13.3% last. Urban investment (YTD)(YoY) stood at 19.9% vs 20.0% exp and 20.1% prior.
Technically, according to Jim Langlands, Founder at FXCharts: "The Aud needs to take out the minor trend resistance at around 0.9125 in order to accelerate towards 0.9145/50, beyond which would see the first Fibo resistance at 0.9167 (23.6% of 0.9575/0.8988) which conveniently is where it topped out last week."
Fundamentally, China published a slew of economic indicators, which were received in a muted fashion by traders, as the Aussie barely reacted to the data. While China's industrial production (YoY)for the month of November came slightly lower-than-expected at 10% vs 10.1% exp and 10.3% last, retail sales (YoY)beat expectations by rising 13.7% vs 13.3% exp and 13.3% last. Urban investment (YTD)(YoY) stood at 19.9% vs 20.0% exp and 20.1% prior.
Technically, according to Jim Langlands, Founder at FXCharts: "The Aud needs to take out the minor trend resistance at around 0.9125 in order to accelerate towards 0.9145/50, beyond which would see the first Fibo resistance at 0.9167 (23.6% of 0.9575/0.8988) which conveniently is where it topped out last week."