9 Jul 2014
AUD/USD in narrow range near 0.9400
FXStreet (Edinburgh) - The Aussie dollar keeps the narrow range on Wednesday, with the AUD/USD hovering over the key level at 0.9400 the figure.
AUD/USD focus on FOMC, China
Traders remain cautious ahead of the release of the FOMC minutes this evening in Europe, with consensus pointing to a dovish tone by Chairwoman Yellen and thus allowing a potential for further AUD upside. However, the Chinese trade balance figures and New Loans due tomorrow will be key for the Aussie in the very near term, with recent highs above he 0.9500 handle being the interim resistance. “While the current up-move is likely part of a counter-trend rally, positive undertone suggests further up-move towards 0.9430 before a more definitive top can be expected. Only a move below 0.9375 will indicate a move towards the recent low near 0.9330 has started”, observed Quek Ser Leang, Market Strategist at UOB Group.
AUD/USD levels to watch
At the moment the pair is losing 0.07% at 0.9392 and a breach of 0.9363 (low Jul.8) would target 0.9346 (50-d MA) en route to 0.9342 (low Jul.7). On the upside, the immediate resistance aligns at 0.9415 (high Jul.8) followed by 0.9443 (high Jul.3) and finally 0.9499 (high Jul.2).
AUD/USD focus on FOMC, China
Traders remain cautious ahead of the release of the FOMC minutes this evening in Europe, with consensus pointing to a dovish tone by Chairwoman Yellen and thus allowing a potential for further AUD upside. However, the Chinese trade balance figures and New Loans due tomorrow will be key for the Aussie in the very near term, with recent highs above he 0.9500 handle being the interim resistance. “While the current up-move is likely part of a counter-trend rally, positive undertone suggests further up-move towards 0.9430 before a more definitive top can be expected. Only a move below 0.9375 will indicate a move towards the recent low near 0.9330 has started”, observed Quek Ser Leang, Market Strategist at UOB Group.
AUD/USD levels to watch
At the moment the pair is losing 0.07% at 0.9392 and a breach of 0.9363 (low Jul.8) would target 0.9346 (50-d MA) en route to 0.9342 (low Jul.7). On the upside, the immediate resistance aligns at 0.9415 (high Jul.8) followed by 0.9443 (high Jul.3) and finally 0.9499 (high Jul.2).