2 Jun 2014
AUD/USD settled at 0.9260
FXStreet (Moscow) - strong offers on approach to 0.9280 caped the AUD/USD dipped to current Asian low of 0.9261 after opening at 0.9307; the bearish momentum is still strong.
It was too early to do a happy dance
This week is packed with important macroeconomic events for Aussie: retail sales, GDP, trade balance and RBA monetary policy decision to name just a few. Sure enough, investors will contemplate on RBA rate decision (it is expected to leave it unchanged) and possible attempts to tale the Aussie down due to weakening fundamentals. Q1 business inventories report published earlier today turned put to be a huge disappointment that forced many big players to revise their GDP forecasts to the downside. This darkens AUD/USD short-term horizon and sets a stage for further losses. The nearest strong support is seen at 0.9200, though strong offers on approach coupled with option barrier are likely to stop the bears for a while. The upside correction is likely to be limited by 0.9280.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9309, with support below at 0.9288, 0.9265 and 0.9244, with resistance above at 0.9332, 0.9353 and 0.9376. Hourly Moving Averages are mostly bearish, with the 200SMA at 0.9255 and the daily 20EMA at 0.9287. Hourly RSI is bearish at 33.
It was too early to do a happy dance
This week is packed with important macroeconomic events for Aussie: retail sales, GDP, trade balance and RBA monetary policy decision to name just a few. Sure enough, investors will contemplate on RBA rate decision (it is expected to leave it unchanged) and possible attempts to tale the Aussie down due to weakening fundamentals. Q1 business inventories report published earlier today turned put to be a huge disappointment that forced many big players to revise their GDP forecasts to the downside. This darkens AUD/USD short-term horizon and sets a stage for further losses. The nearest strong support is seen at 0.9200, though strong offers on approach coupled with option barrier are likely to stop the bears for a while. The upside correction is likely to be limited by 0.9280.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9309, with support below at 0.9288, 0.9265 and 0.9244, with resistance above at 0.9332, 0.9353 and 0.9376. Hourly Moving Averages are mostly bearish, with the 200SMA at 0.9255 and the daily 20EMA at 0.9287. Hourly RSI is bearish at 33.