6 May 2014
AUD/USD back to 0.9290
FXStreet (Edinburgh) - After a short-lived spike to the vicinity of 0.9320 post-RBA, the AUD/USD is now back to the 0.9285/90 area.
AUD/USD confused after trade data, RBA
The pair quickly shrugged off the positive albeit below estimates trade surplus for the month of March in the Aussie economy, printing A$731 million vs. A$1,200 million expected. The unchanged statement from the RBA, without any AUD jawboning, allowed a test of the 0.9320 area although sellers rapidly sent back spot to the current sub-0.9290 region. According to Quek Ser Leang, Market Strategist at UOB Group, “0.9250 is a strong short-term support and as long as this level is intact, AUD could edge higher towards 0.9310 before a pullback can be expected”.
AUD/USD levels to consider
As of writing the pair is up 0.14% at 0.9286 with the initial resistance at 0.9318 (high Apr.28) and then 0.9427 (high Apr.11). On the downside, a dip beyond 0.9253 (low Apr.30) would open the door to 0.9227 (low Apr.29) and finally 0.9225 (low Apr.4).
AUD/USD confused after trade data, RBA
The pair quickly shrugged off the positive albeit below estimates trade surplus for the month of March in the Aussie economy, printing A$731 million vs. A$1,200 million expected. The unchanged statement from the RBA, without any AUD jawboning, allowed a test of the 0.9320 area although sellers rapidly sent back spot to the current sub-0.9290 region. According to Quek Ser Leang, Market Strategist at UOB Group, “0.9250 is a strong short-term support and as long as this level is intact, AUD could edge higher towards 0.9310 before a pullback can be expected”.
AUD/USD levels to consider
As of writing the pair is up 0.14% at 0.9286 with the initial resistance at 0.9318 (high Apr.28) and then 0.9427 (high Apr.11). On the downside, a dip beyond 0.9253 (low Apr.30) would open the door to 0.9227 (low Apr.29) and finally 0.9225 (low Apr.4).