30 Jun 2014
AUD/USD supported around 0.9400
FXStreet (Edinburgh) - A downside momentum in the Aussie dollar is now dragging the AUD/USD to test the lower band of the range near 0.9400 the figure.
AUD/USD extends the correction from peaks
Spot continues to retrace last week’s spike to the mid-0.9400s, now meandering around 3-day lows near the 0.9400 handle. Data wise in Oz, New Home Sales tracked by HIA contracted 4.3% inter-month in May while Private Sector Credit matched estimates expanding 0.4% MoM in the same period. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “AUD/USD continues to hold over the 2014 uptrend at .9343. The market will remain bid while above the uptrend and we should see a retest of the .9448/60 resistance (November 2013 and the April high)”.
AUD/USD key levels
As of writing the pair is retreating 0.22% at 0.9401 with the immediate support at 0.9396 (low Jun.26) ahead of 0.9330 (50-d MA) and finally 0.9322 (low Jun.18). On the upside, a breakout of 0.9442 (high Jun.27) would open the door to 0.9544 (high Nov.6) and then 0.9624 (high Oct.25).
AUD/USD extends the correction from peaks
Spot continues to retrace last week’s spike to the mid-0.9400s, now meandering around 3-day lows near the 0.9400 handle. Data wise in Oz, New Home Sales tracked by HIA contracted 4.3% inter-month in May while Private Sector Credit matched estimates expanding 0.4% MoM in the same period. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “AUD/USD continues to hold over the 2014 uptrend at .9343. The market will remain bid while above the uptrend and we should see a retest of the .9448/60 resistance (November 2013 and the April high)”.
AUD/USD key levels
As of writing the pair is retreating 0.22% at 0.9401 with the immediate support at 0.9396 (low Jun.26) ahead of 0.9330 (50-d MA) and finally 0.9322 (low Jun.18). On the upside, a breakout of 0.9442 (high Jun.27) would open the door to 0.9544 (high Nov.6) and then 0.9624 (high Oct.25).