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4 Jul 2014
AUD/USD supported around 0.9350
FXStreet (Edinburgh) - The Aussie dollar keeps the trade in the lower band of today’s range, with the AUD/USD hovering over the mid-0.9300s area.
AUD/USD extends the correction lower
After hitting tops around 0.9510 on Tuesday, spot commenced a correction lower to the vicinity of 0.9310, although the AUD managed to pick up pace and recover the 0.9350 region so far. Absent data in Oz today and with the inactivity in the US markets, traders will look to the Consumer Confidence gauged by Westpac (Tuesday) as the next risk event for the pair. “The near term dynamics for the aussie may be looking increasingly misaligned and we look to exit our prior long recommendation if the pair fails to stage a meaningful bounce off its 55-day MA (0.9336). In the very near term, much will depend on whether the post-NFP dollar resilience would be able to dislodge the search for carry beyond the short term”.
AUD/USD levels to watch
As of writing the pair is up 0.07% at 0.9353 and a surpass of 0.9443 (high Jul.3) would open the door to 0.9499 (high Jul.2) and then 0.9505 (high Jul.1). On the downside, the initial support aligns at 0.9339 (50-d MA) followed by 0.9327 (low Jul.3) and finally 0.9322 (low Jun.18).
AUD/USD extends the correction lower
After hitting tops around 0.9510 on Tuesday, spot commenced a correction lower to the vicinity of 0.9310, although the AUD managed to pick up pace and recover the 0.9350 region so far. Absent data in Oz today and with the inactivity in the US markets, traders will look to the Consumer Confidence gauged by Westpac (Tuesday) as the next risk event for the pair. “The near term dynamics for the aussie may be looking increasingly misaligned and we look to exit our prior long recommendation if the pair fails to stage a meaningful bounce off its 55-day MA (0.9336). In the very near term, much will depend on whether the post-NFP dollar resilience would be able to dislodge the search for carry beyond the short term”.
AUD/USD levels to watch
As of writing the pair is up 0.07% at 0.9353 and a surpass of 0.9443 (high Jul.3) would open the door to 0.9499 (high Jul.2) and then 0.9505 (high Jul.1). On the downside, the initial support aligns at 0.9339 (50-d MA) followed by 0.9327 (low Jul.3) and finally 0.9322 (low Jun.18).