12 May 2014
AUD/USD drops to 0.9360
FXStreet (Edinburgh) - Risk aversion is building up on Monday, strengthening the greenback and driving the AUD/USD back to the area of 0.9360.
AUD/USD capped by 0.9390
After hitting 2-day highs around 0.9390, spot sparked a correction lower to the current 0.9360/55 band amidst increasing risk-off trade. Data wise, Home Loans figures (1.5% exp.) and Investment Lending for Homes are due tomorrow, as well as Chinese Industrial Production (8.9% exp.) and Retail Sales (12.2% YoY exp.). “We continue to stay sidelined on the pair pending the Chinese data stream this week. Given the still supportive risk appetite environment, dips towards 0.9300-0.9315 may find initial support while 0.9400 may cap pending further cues”, observed Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD key levels
The pair is now losing 0.02% at 0.9359 and a breakdown of 0.9227 (low Apr.29) would open the door to 0.9225 (low Apr.4) and finally 0.9184 (50-d MA). On the flip side, the initial hurdle aligns at 0.9427 (high Apr.11) ahead of 0.9461 (high Apr.10) and then 0.9500 (psychological level).
AUD/USD capped by 0.9390
After hitting 2-day highs around 0.9390, spot sparked a correction lower to the current 0.9360/55 band amidst increasing risk-off trade. Data wise, Home Loans figures (1.5% exp.) and Investment Lending for Homes are due tomorrow, as well as Chinese Industrial Production (8.9% exp.) and Retail Sales (12.2% YoY exp.). “We continue to stay sidelined on the pair pending the Chinese data stream this week. Given the still supportive risk appetite environment, dips towards 0.9300-0.9315 may find initial support while 0.9400 may cap pending further cues”, observed Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD key levels
The pair is now losing 0.02% at 0.9359 and a breakdown of 0.9227 (low Apr.29) would open the door to 0.9225 (low Apr.4) and finally 0.9184 (50-d MA). On the flip side, the initial hurdle aligns at 0.9427 (high Apr.11) ahead of 0.9461 (high Apr.10) and then 0.9500 (psychological level).