9 Apr 2014
AUD/USD - Bullish from every angle near term
FXStreet (Bali) - After skyrocketing to a new 5-month high at 0.9365, AUD/USD opens Tokyo consolidating near the 0.9350.
AUD remains the darling of the FX market
Tuesday's rally was yet another bullish development for the AUD/USD, which saw both the 0.93 and 0.9335 levels broken, allowing the stampede of bids to pick up momentum as short run to the exits. The pair was supported by the return in demand to EMs, stimulus hopes in China, and last but not least, by seasonals, which show March as the best performing month for the AUD/USD by far.
AUD/USD technicals
Technically, Jim Langlands, Founder at FXCharts, provides the key levels to watch for today: "Having taken out the resistance at 0.9340, the next level to watch will be 0.9387 (38.2% of 1.0582/0.8660). Beyond 0.9400, there is not a lot ahead of 0.9450 (weekly cloud base) and 0.9494 (76.4% of 0.9757/0.8660). On the downside, 0.9340 will now provide support ahead of 0.9310. Under 0.9300 will find buyers at 0.9280 (23.6% of 0.9005/0.9365). I don’t think we are heading back down here yet, but if wrong further bids would be seen at around 0.9265 100/200 HMA’s."
AUD remains the darling of the FX market
Tuesday's rally was yet another bullish development for the AUD/USD, which saw both the 0.93 and 0.9335 levels broken, allowing the stampede of bids to pick up momentum as short run to the exits. The pair was supported by the return in demand to EMs, stimulus hopes in China, and last but not least, by seasonals, which show March as the best performing month for the AUD/USD by far.
AUD/USD technicals
Technically, Jim Langlands, Founder at FXCharts, provides the key levels to watch for today: "Having taken out the resistance at 0.9340, the next level to watch will be 0.9387 (38.2% of 1.0582/0.8660). Beyond 0.9400, there is not a lot ahead of 0.9450 (weekly cloud base) and 0.9494 (76.4% of 0.9757/0.8660). On the downside, 0.9340 will now provide support ahead of 0.9310. Under 0.9300 will find buyers at 0.9280 (23.6% of 0.9005/0.9365). I don’t think we are heading back down here yet, but if wrong further bids would be seen at around 0.9265 100/200 HMA’s."