21 Mar 2014
AUD/USD ticking to the upside
FXStreet (Guatemala) - AUD/USD has popped higher above the channels resistance and is creeping into 0.9060’s territory.
The PBOC set the yaun reference rate at 6.1475 which has lifted the Aussie on the basis that this fix was at the lower end of expectations. The AUD has been able to score back some points after a number of Chinese factors that are proving to be problematic for the Aussie, and also it is defying some logic with respect to the lower commodity prices and a generally higher USD. For the day ahead, it is rather quiet out there, however, and as strategist at Rabobank noted, “it is a case of watching news from Russia/Ukraine and/or from China on the default front, but we do also have a slew of Fed speakers to listen to (it’s a real Fed Friday). We get first Bullard, then Fisher, and then Kocherlakota all speaking today on topics from “nominal GDP” (?), to forward guidance, to monetary policy. Overall, we can probably expect a somewhat more nuanced version of the pretty blunt message given by Yellen earlier in the week, i.e., a qualified increase in hawkishness”.
AUD/USD levels
The 20 DMA is 0.9011, the 50 DMA is 0.8939, the 200 DMA is 0.9147. RSI (14) reads 58.16 Supports are ascending from 0.8821, 0.8891, 0.8923 and 0.8990. Spot is 0.9055 while resistances are 0.9095, 0.9138, 0.9169 and 0.9204.
The PBOC set the yaun reference rate at 6.1475 which has lifted the Aussie on the basis that this fix was at the lower end of expectations. The AUD has been able to score back some points after a number of Chinese factors that are proving to be problematic for the Aussie, and also it is defying some logic with respect to the lower commodity prices and a generally higher USD. For the day ahead, it is rather quiet out there, however, and as strategist at Rabobank noted, “it is a case of watching news from Russia/Ukraine and/or from China on the default front, but we do also have a slew of Fed speakers to listen to (it’s a real Fed Friday). We get first Bullard, then Fisher, and then Kocherlakota all speaking today on topics from “nominal GDP” (?), to forward guidance, to monetary policy. Overall, we can probably expect a somewhat more nuanced version of the pretty blunt message given by Yellen earlier in the week, i.e., a qualified increase in hawkishness”.
AUD/USD levels
The 20 DMA is 0.9011, the 50 DMA is 0.8939, the 200 DMA is 0.9147. RSI (14) reads 58.16 Supports are ascending from 0.8821, 0.8891, 0.8923 and 0.8990. Spot is 0.9055 while resistances are 0.9095, 0.9138, 0.9169 and 0.9204.