7 May 2014
AUD/USD consolidates above 0.9300
FXStreet (Edinburgh) - The Aussie dollar is now looking to consolidate the recent advance above the 0.9300 handle, with the AUD/USD hovering over 0.9340/45.
AUD/USD bolstered by risk
The prevailing risk-on trends prompted the AUD to regain levels above 0.9300 the figure at the beginning of the week, helped at the same time by the inaction from the RBA in its last meeting. Data-wise in Oz, Retail Sales expanded 0.1% inter-month in March, lower than forecasts and February’s print. “While the rally appears to be overextended, there is no sign of a top just yet. The previous resistance at 0.9310 is acting as a strong support now and this levels is expected to hold for another leg higher towards 0.9370/75”, suggested Quek Ser Leang, Market Strategist at UOB Group.
AUD/USD key levels
At the moment the pair is down 0.02% at 0.9347 with the next support at 0.9227 (low Apr.29) ahead of 0.9225 (low Apr.4) and finally 0.9184 (50-d MA). On the flip side, a breakout of 0.9427 (high Apr.11) would open the door to 0.9461 (high Apr.10) and then 0.9500 (psychological level).
AUD/USD bolstered by risk
The prevailing risk-on trends prompted the AUD to regain levels above 0.9300 the figure at the beginning of the week, helped at the same time by the inaction from the RBA in its last meeting. Data-wise in Oz, Retail Sales expanded 0.1% inter-month in March, lower than forecasts and February’s print. “While the rally appears to be overextended, there is no sign of a top just yet. The previous resistance at 0.9310 is acting as a strong support now and this levels is expected to hold for another leg higher towards 0.9370/75”, suggested Quek Ser Leang, Market Strategist at UOB Group.
AUD/USD key levels
At the moment the pair is down 0.02% at 0.9347 with the next support at 0.9227 (low Apr.29) ahead of 0.9225 (low Apr.4) and finally 0.9184 (50-d MA). On the flip side, a breakout of 0.9427 (high Apr.11) would open the door to 0.9461 (high Apr.10) and then 0.9500 (psychological level).