17 Jul 2014
AUD/USD still in an evident bear trend
FXStreet (Guatemala) - AUD/USD is trading at 0.9372, up 0.04% on the day, having posted a daily high at 0.9394 and low at 0.9353.
AUD/USD’s flow through of the move yesterday from 0.9328 was heavily rejected on an attempt to take the 0.94 handle, dropping back onto 0.9370. The trend is simply bearish and on average, the exponential closing price for the past 20 days is 0.9388, with the trend indicating a continuation lower ahead. The calendar has favoured the greenback for today with better than expected results for the US economy in jobless numbers and Philly Fed manufacturing. Housing and building permits disappointed mind you, but that is not a surprise to the markets and Yellen had already noted a sluggish spell in that part of the US economy in her two day testimony that concluded yesterday. Overnight we were only dealing with non-eventful data from Australia in NAB business conditions while markets are still holding onto recent dovish tomes from the RBA.
AUD/USD Levels
With spot trading at 0.9373, we can see next resistance ahead at 0.9376 (Hourly 100 SMA), 0.9377 (Yesterday's High), 0.9383 (Hourly 200 SMA), 0.9388 (Daily Classic R1) and 0.9388 (Daily 20 SMA). Support below can be found at 0.9371 (Hourly 20 EMA), 0.9369 (Weekly Low), 0.9368 (Daily Open), 0.9358 (Daily Classic PP) and 0.9353 (Daily Low).
AUD/USD’s flow through of the move yesterday from 0.9328 was heavily rejected on an attempt to take the 0.94 handle, dropping back onto 0.9370. The trend is simply bearish and on average, the exponential closing price for the past 20 days is 0.9388, with the trend indicating a continuation lower ahead. The calendar has favoured the greenback for today with better than expected results for the US economy in jobless numbers and Philly Fed manufacturing. Housing and building permits disappointed mind you, but that is not a surprise to the markets and Yellen had already noted a sluggish spell in that part of the US economy in her two day testimony that concluded yesterday. Overnight we were only dealing with non-eventful data from Australia in NAB business conditions while markets are still holding onto recent dovish tomes from the RBA.
AUD/USD Levels
With spot trading at 0.9373, we can see next resistance ahead at 0.9376 (Hourly 100 SMA), 0.9377 (Yesterday's High), 0.9383 (Hourly 200 SMA), 0.9388 (Daily Classic R1) and 0.9388 (Daily 20 SMA). Support below can be found at 0.9371 (Hourly 20 EMA), 0.9369 (Weekly Low), 0.9368 (Daily Open), 0.9358 (Daily Classic PP) and 0.9353 (Daily Low).