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10 Jun 2014
AUD/USD bulls make feeble attempts to get the control over the situation
FXStreet (Moscow) - AUD/USD has been oscillating in a narrow range in Asia; it seems that the pair is not inclined to go too far from its opening level of 0.9352
Hesitation is the word
AUD/USD continues to move higher as the pair touched 0.9362 high on Monday and finished the first trading day of the week in the green zone. Australian home loans data came out mixed and failed to impress the markets, while Chinese inflation report showed that the Consumer Price Index grew to 2.5% in May against 1.8% in April. Signs of rising inflation pressure may make PBOC more hesitant about adding stimulation measures despite weakening economy. This news might spoil risk sentiments and put Aussie under pressure later during the day. The first downside target is seen at current Asian low of 0.9339, it is followed by 93.00 with demand on approach that is likely to stop the bears for the time being. The upside may be limited by 0.9370/80.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9351, with support below at 0.9338, 0.9319 and 0.9306, with resistance above at 0.9370, 0.9383 and 0.9402. Hourly Moving Averages are mostly bullish with the 200SMA at 0.9345 and the daily 20EMA at 0.9292. Hourly RSI is bullish at 54.
Hesitation is the word
AUD/USD continues to move higher as the pair touched 0.9362 high on Monday and finished the first trading day of the week in the green zone. Australian home loans data came out mixed and failed to impress the markets, while Chinese inflation report showed that the Consumer Price Index grew to 2.5% in May against 1.8% in April. Signs of rising inflation pressure may make PBOC more hesitant about adding stimulation measures despite weakening economy. This news might spoil risk sentiments and put Aussie under pressure later during the day. The first downside target is seen at current Asian low of 0.9339, it is followed by 93.00 with demand on approach that is likely to stop the bears for the time being. The upside may be limited by 0.9370/80.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9351, with support below at 0.9338, 0.9319 and 0.9306, with resistance above at 0.9370, 0.9383 and 0.9402. Hourly Moving Averages are mostly bullish with the 200SMA at 0.9345 and the daily 20EMA at 0.9292. Hourly RSI is bullish at 54.