24 Mar 2014
AUD/USD climbs to tops near 0.9120
FXStreet (Edinburgh) - The Aussie dollar not only regained the 0.9100 handle, but it is also pushing the AUD/USD to print fresh multi-day highs near 0.9120.
AUD/USD extends the rebound
The pair is now retracing the deep pullback post-FOMC gathering on March 19th, coming up from the vicinity of 0.8990 despite today’s weaker than expected Chinese manufacturing PMI. “Concerns over China’s economy and financial system aren’t likely to be allayed for some weeks, with press reports indicating substantial tolerance of further corporate defaults and the squeeze on spec yuan longs not complete. We are thus still short AUD/USD though the broad range should remain intact at least early in the week: support at the 55 day moving average of 0.8946, resistance at the 200dma at 0.9139”, observed analysts at Westpac Global Strategy Group.
AUD/USD key levels
The pair is now advancing 0.40% at 0.9119 with the next resistance at 0.9138 (high Mar.19) and then 0.9139 (200-d MA). On the downside, a breach of 0.9032 (low Mar.21) would target 0.9000 (psychological level) en route to 0.8995 (low Mar.20).
AUD/USD extends the rebound
The pair is now retracing the deep pullback post-FOMC gathering on March 19th, coming up from the vicinity of 0.8990 despite today’s weaker than expected Chinese manufacturing PMI. “Concerns over China’s economy and financial system aren’t likely to be allayed for some weeks, with press reports indicating substantial tolerance of further corporate defaults and the squeeze on spec yuan longs not complete. We are thus still short AUD/USD though the broad range should remain intact at least early in the week: support at the 55 day moving average of 0.8946, resistance at the 200dma at 0.9139”, observed analysts at Westpac Global Strategy Group.
AUD/USD key levels
The pair is now advancing 0.40% at 0.9119 with the next resistance at 0.9138 (high Mar.19) and then 0.9139 (200-d MA). On the downside, a breach of 0.9032 (low Mar.21) would target 0.9000 (psychological level) en route to 0.8995 (low Mar.20).