11 Nov 2013
AUD/USD consolidating reversal?
FXstreet.com (Chicago) - AUD/USD continues trading below the EMA20 after steep fall last Friday. On corrective move, the pair attempts to reverse and points toward the 0.94 zone.
Price action reveals a pair that seems to be consolidating a reversal after a steep fall last Friday on NFP data that weakened the Aussie against a stronger dollar. According to Jim Langlands from FXcharts, “the Aud finally cracked the strong support in the 0.9420/40 area after the NFP and headed swiftly to 0.9352 before a 30 point bounce going into the close. The Aud seems to have taken on some of the characteristics of an EM currency at present and was unable gain any support at all from the sharp move higher in the equities markets following the data, and it would seem to be that we could be headed for the important 0.9250 support area, below which would most likely see a deeper move south for the Aud with another assault on 0.9000 not to be ruled out. The weekend China data release should have little impact on the Aud on Monday. Although solid, it was generally slightly weaker than expected (Retail Sales, CPI, PPI) although this was counteracted by a slightly stronger reading for the Industrial Production (+10.3%yy /Exp +10%).”
AUD/USD Technical Levels
Offered at 0.9383 and oscillates between the supports aligned at 0.9350 (September 12th highs), 0.9283 (October 1st lows) ahead of 0.9248 (August 19th highs) and the resistances set at 0.9421 (November 1st lows), 0.9480 (October 10th highs) followed by 0.9542 (November 6th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and trades below the EMA20.
Price action reveals a pair that seems to be consolidating a reversal after a steep fall last Friday on NFP data that weakened the Aussie against a stronger dollar. According to Jim Langlands from FXcharts, “the Aud finally cracked the strong support in the 0.9420/40 area after the NFP and headed swiftly to 0.9352 before a 30 point bounce going into the close. The Aud seems to have taken on some of the characteristics of an EM currency at present and was unable gain any support at all from the sharp move higher in the equities markets following the data, and it would seem to be that we could be headed for the important 0.9250 support area, below which would most likely see a deeper move south for the Aud with another assault on 0.9000 not to be ruled out. The weekend China data release should have little impact on the Aud on Monday. Although solid, it was generally slightly weaker than expected (Retail Sales, CPI, PPI) although this was counteracted by a slightly stronger reading for the Industrial Production (+10.3%yy /Exp +10%).”
AUD/USD Technical Levels
Offered at 0.9383 and oscillates between the supports aligned at 0.9350 (September 12th highs), 0.9283 (October 1st lows) ahead of 0.9248 (August 19th highs) and the resistances set at 0.9421 (November 1st lows), 0.9480 (October 10th highs) followed by 0.9542 (November 6th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and trades below the EMA20.