24 Jun 2014
AUD/USD testing 0.9400
FXStreet (Edinburgh) - After hitting session highs above 0.9430 overnight, the AUD/USD us now losing the grip and putting the 0.9400 support to the test.
AUD/USD keeps correcting lower
Spot continues to correct from recent peaks in the area of 0.9450, retreating for the second consecutive session despite recent positive Chinese data and absent docket in Oz. “In the wake of the HSBC China manufacturing PMI, the AUD-USD is seen retaining its foothold at 0.9400 with resistance still expected at 0.9450/60. Meanwhile, downside dips may be limited to 0.9400 and then 0.9355 thereafter”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD levels to watch
As of writing the pair is down 0.20% at 0.9403 with the immediate support at 0.9368 (low Jun.23) ahead of 0.9325 (50-d MA) and finally 0.9322 (low Jun.18). On the flip side, a breakout of 0.9445 (high Jun.23) would open the door to 0.9461 (high Apr.10) and then 0.9544 (high Nov.6).
AUD/USD keeps correcting lower
Spot continues to correct from recent peaks in the area of 0.9450, retreating for the second consecutive session despite recent positive Chinese data and absent docket in Oz. “In the wake of the HSBC China manufacturing PMI, the AUD-USD is seen retaining its foothold at 0.9400 with resistance still expected at 0.9450/60. Meanwhile, downside dips may be limited to 0.9400 and then 0.9355 thereafter”, noted Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD levels to watch
As of writing the pair is down 0.20% at 0.9403 with the immediate support at 0.9368 (low Jun.23) ahead of 0.9325 (50-d MA) and finally 0.9322 (low Jun.18). On the flip side, a breakout of 0.9445 (high Jun.23) would open the door to 0.9461 (high Apr.10) and then 0.9544 (high Nov.6).