24 Mar 2014
AUD/USD up near 0.9100
FXStreet (Edinburgh) - The Aussie dollar is extending its recovery from the mid-0.90s, lifting the AUD/USD to the vicinity of the key barrier at 0.9100.
AUD/USD flirts with 0.9100
The pair managed to leave behind the trough post-Chinese data, where a softer-than-expected manufacturing PMI print tracked by HSBC surprised investors to the downside (48.1 act. vs. 48.7 exp.). “The $0.9140 target we suggested for the Australian dollar last week, assuming the $0.9100 level was breached, held. The price action warns that a sideways trend rather than an uptrend is more likely. If the $0.9140 area is on the top, then $0.9085 is on the downside. A break of this range likely points to the direction of the next half-cent move or so”, commented analysts at BBH Global Currency Strategy Team.
AUD/USD key levels
The pair is now advancing 0.15% at 0.9096 with the next resistance at 0.9138 (high Mar.19) and then 0.9141 (200-d MA). On the downside, a breach of 0.9000 (psychological level) would expose 0.8995 (low Mar.20) and finally 0.8990 (low Mar.17).
AUD/USD flirts with 0.9100
The pair managed to leave behind the trough post-Chinese data, where a softer-than-expected manufacturing PMI print tracked by HSBC surprised investors to the downside (48.1 act. vs. 48.7 exp.). “The $0.9140 target we suggested for the Australian dollar last week, assuming the $0.9100 level was breached, held. The price action warns that a sideways trend rather than an uptrend is more likely. If the $0.9140 area is on the top, then $0.9085 is on the downside. A break of this range likely points to the direction of the next half-cent move or so”, commented analysts at BBH Global Currency Strategy Team.
AUD/USD key levels
The pair is now advancing 0.15% at 0.9096 with the next resistance at 0.9138 (high Mar.19) and then 0.9141 (200-d MA). On the downside, a breach of 0.9000 (psychological level) would expose 0.8995 (low Mar.20) and finally 0.8990 (low Mar.17).