5 May 2014
AUD/USD pressing against channel resistance
FXStreet (Bali) - AUD/USD has opened the Asian session slightly higher at 0.9285, with traders initially quick closing the 10-pip gap up, before consolidation at 0.9280.
The higher open follows improved Chinese data over the weekend, with the non-manufacturing PMI (Apr) coming at 54.8 vs 54.5 expected. The pair is over 3/4 of a cent higher than Friday's .9201 low after an ambiguous V-shape move in all things USD on an upbeat NFP report.
Technically, the AUD/USD is now holding a strong positive tone in the hourly timeframe, all still occurring within the context of a downward channel that has been keeping the pair contained in a 1 cent swings up and down ever since the rejection off 0.9455 on April 10th.
On the upside, bulls should re-take 0.93/0.9325 resistance zone now to claim higher ground, potentially exposing a comeback to 0.9380 in the days ahead. On the downside, topside failure at the upper channel/0.93-9325, shifts focus back down to 0.9350 ahead of 0.92.
The higher open follows improved Chinese data over the weekend, with the non-manufacturing PMI (Apr) coming at 54.8 vs 54.5 expected. The pair is over 3/4 of a cent higher than Friday's .9201 low after an ambiguous V-shape move in all things USD on an upbeat NFP report.
Technically, the AUD/USD is now holding a strong positive tone in the hourly timeframe, all still occurring within the context of a downward channel that has been keeping the pair contained in a 1 cent swings up and down ever since the rejection off 0.9455 on April 10th.
On the upside, bulls should re-take 0.93/0.9325 resistance zone now to claim higher ground, potentially exposing a comeback to 0.9380 in the days ahead. On the downside, topside failure at the upper channel/0.93-9325, shifts focus back down to 0.9350 ahead of 0.92.