28 May 2014
AUD/USD testing lows sub-0.9240
FXStreet (Edinburgh) - The Aussie dollar is losing the composure on Wednesday, dragging the AUD/USD to session lows in sub-0.9240 levels.
AUD/USD drove by risk trends
Nothing of note regarding data releases and events in Oz, with the risk trends being the main driver for the AUD this week. Spot keeps the trade within the 0.9220-0.9270 range so far amidst better sentiment favouring the greenback. In the opinion of Quek Ser Leang, Market Strategist at UOB Group, “the outlook remains mixed but in order to build on the current negative undertone, we need to see a clear move below 0.9205/10 soon or a break above 0.9280 could lead to acceleration higher toward 0.9300/05.
AUD/USD levels to consider
As of writing the pair is losing 0.15% at 0.9245 with the next support at 0.9208 (low May 21) followed by 0.9175 (200-d MA) and finally 0.9155 (low Mar.26). On the flip side, a breakout of 0.9278 (high May 27) would expose 0.9290 (50-d MA) and then 0.9300 (psychological level).
AUD/USD drove by risk trends
Nothing of note regarding data releases and events in Oz, with the risk trends being the main driver for the AUD this week. Spot keeps the trade within the 0.9220-0.9270 range so far amidst better sentiment favouring the greenback. In the opinion of Quek Ser Leang, Market Strategist at UOB Group, “the outlook remains mixed but in order to build on the current negative undertone, we need to see a clear move below 0.9205/10 soon or a break above 0.9280 could lead to acceleration higher toward 0.9300/05.
AUD/USD levels to consider
As of writing the pair is losing 0.15% at 0.9245 with the next support at 0.9208 (low May 21) followed by 0.9175 (200-d MA) and finally 0.9155 (low Mar.26). On the flip side, a breakout of 0.9278 (high May 27) would expose 0.9290 (50-d MA) and then 0.9300 (psychological level).