26 Mar 2014
AUD/USD keeps pushing higher
FXStreet (Edinburgh) - The AUD keeps its relentless upside on Wednesday, lifting the AUD/USD beyond the 0.9200 mark and posting fresh 2014 highs at the same time.
AUD/USD consolidates above 0.9200
After hitting multi-year lows around 0.8660 in late January, spot advanced in five out of the last eight weeks. A (now) neutral stance from the RBA in combination with better economic results from Oz made possible such a rebound, with the scenario now pointing to a stabilization in rates and a probable rate hike towards year-end, or early 2015. In the opinion of analysts at BBH, “The speculators in the futures market are still net short the Aussie, though the net position was cut by about 40% in the week through last Tuesday. This is largely a function of new gross longs entering… The next target for the new Aussie bulls is near $0.9340”.
AUD/USD levels to consider
A of writing the pair is up 0.70% at 0.9230 with the next resistance at 0.9300 (psychological level) followed by 0.9335 (high Nov.21) and finally 0.9403 (50-d MA). On the downside, a breakdown of 0.9137 (200-d MA) would target 0.9120 (low Mar.25) en route to 0.9100 (psychological level).
AUD/USD consolidates above 0.9200
After hitting multi-year lows around 0.8660 in late January, spot advanced in five out of the last eight weeks. A (now) neutral stance from the RBA in combination with better economic results from Oz made possible such a rebound, with the scenario now pointing to a stabilization in rates and a probable rate hike towards year-end, or early 2015. In the opinion of analysts at BBH, “The speculators in the futures market are still net short the Aussie, though the net position was cut by about 40% in the week through last Tuesday. This is largely a function of new gross longs entering… The next target for the new Aussie bulls is near $0.9340”.
AUD/USD levels to consider
A of writing the pair is up 0.70% at 0.9230 with the next resistance at 0.9300 (psychological level) followed by 0.9335 (high Nov.21) and finally 0.9403 (50-d MA). On the downside, a breakdown of 0.9137 (200-d MA) would target 0.9120 (low Mar.25) en route to 0.9100 (psychological level).