13 Jun 2014
AUD/USD breaches 0.9400
FXStreet (Edinburgh) - The Aussie dollar is now losing the grip, dragging the AUD/USD to post session lows in sub-0.9400 levels.
AUD/USD down from 0.9440
The pair is partially retracing yesterday’s bull run to fresh mutli-week highs in the area of 0.9440 backed by stronger NZD and generalized USD weakness, currently trading back below the critical mark at 0.9400. Without any data release in Oz today, the focus was on auspicious results from the Chinese docket, although they had no echo in spot. “We continue to remain partial towards upside AUD-USD prospects at this juncture although initial flashpoints may include Chinese economy data (and commodity) headlines. Expect some consolidative behavior on approach of the 0.9450 neighborhood while any dips towards 0.9380 may hit bedrock for now”, commented Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD levels to consider
At the moment the pair is losing 0.45% at 0.9385 facing the next support at 0.9348 (high Jun.12) followed by 0.9342 (low Jun.10) and finally 0.9330 (low Jun.9). On the flip side, a break above 0.9438 (high Jun.12) would expose 0.9461 (high Apr.10) and then 0.9544 (high Nov.6).
AUD/USD down from 0.9440
The pair is partially retracing yesterday’s bull run to fresh mutli-week highs in the area of 0.9440 backed by stronger NZD and generalized USD weakness, currently trading back below the critical mark at 0.9400. Without any data release in Oz today, the focus was on auspicious results from the Chinese docket, although they had no echo in spot. “We continue to remain partial towards upside AUD-USD prospects at this juncture although initial flashpoints may include Chinese economy data (and commodity) headlines. Expect some consolidative behavior on approach of the 0.9450 neighborhood while any dips towards 0.9380 may hit bedrock for now”, commented Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD levels to consider
At the moment the pair is losing 0.45% at 0.9385 facing the next support at 0.9348 (high Jun.12) followed by 0.9342 (low Jun.10) and finally 0.9330 (low Jun.9). On the flip side, a break above 0.9438 (high Jun.12) would expose 0.9461 (high Apr.10) and then 0.9544 (high Nov.6).