AUD/USD is dragged down by mere sight of 0.9400 resistance

FXStreet (Moscow) - AUD/USD has retraced from the Asian high of 0.9394, scared by offers and stops located on approach to the pivotal level of 0.9400.

Strong resistance ahead

AUD/USD recovered to 0.9373 after opening at 0.9359 on Monday. Not much of a bullish run, but a steady upside correction after a steep decline in the end of the previous week. Slightly better NAB Business conditions Index (8 in June vs 7 in May) pushed the pair still higher on Tuesday, but Aussie bulls seem to be in no hurry to attack the pivotal level of 0.9400 (current daily high is set at 0.9394). Second-tier US calendar events are unlikely to spoil USD sentiments significantly thus, the pair is unlikely to break above this area strengthened by medium offers and stops.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.9363, with support below at 0.9349, 0.9325 and 0.9311, with resistance above at 0.9387, 0.9401 and 0.9425. Hourly Moving Averages are mostly bullish with the 200SMA at 0.9404 and the daily 20EMA at 0.9388. Hourly RSI is bullish at 68