8 May 2014
AUD/USD rally falters ahead of 0.9400
FXStreet (Córdoba) - The AUD/USD advanced to 3-week highs underpinned by solid Australian employment data, but the rally faltered a few pips shy of the 0.9400 mark.
The AUD/USD rallied more than 70 pips throughout the day and reached a high of 0.9393, last seen Apr 15, but lost momentum and settled in a range just below as investors gear up for European central banks’ announcements.
As most countries lately, Australian authorities and the RBA have warned against a strong currency hurting exports, which could weigh on the Aussie in the longer term as the AUD/USD has rallied more than 800 pips since early 2014.
AUD/USD technical levels
At time of writing, the AUD/USD is trading at the 0.9380 area, recording a 0.58% gain on the day. If the Aussie breaks above 0.9400, next resistances are seen at 0.9425 (Apr 11 high) and 0.9460 (Apr 10 high), while on the flip side, supports could be found at 0.9317 (May 8 & 7 lows) and 0.9300 (psychological level).
The AUD/USD rallied more than 70 pips throughout the day and reached a high of 0.9393, last seen Apr 15, but lost momentum and settled in a range just below as investors gear up for European central banks’ announcements.
As most countries lately, Australian authorities and the RBA have warned against a strong currency hurting exports, which could weigh on the Aussie in the longer term as the AUD/USD has rallied more than 800 pips since early 2014.
AUD/USD technical levels
At time of writing, the AUD/USD is trading at the 0.9380 area, recording a 0.58% gain on the day. If the Aussie breaks above 0.9400, next resistances are seen at 0.9425 (Apr 11 high) and 0.9460 (Apr 10 high), while on the flip side, supports could be found at 0.9317 (May 8 & 7 lows) and 0.9300 (psychological level).