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20 Feb 2014
AUD/USD recovery sharpens, 0.9000 next?
FXStreet (Edinburgh) - After hitting weekly lows near 0.8940 post-Chinese PMI, the AUD/USD spraked a correction higher to the current area of 0.8980.
AUD/USD eyes on 0.9000
The pair is on track to regain the psychological handle at 0.9000 despite the prevailing tone favouring the risk-off trade. Apart from the weaker Chinese PMI, Australian docket showed the RBA FX Transactions at A$ 362 million during January, although the market largely ignored the release. “We retain a positive bias on AUD/USD for the week ahead, at least until what could be a lukewarm capex report. But 0.9085 is likely to remain strong resistance. The AUD price action on weak China data relative to its response to stronger China data suggests the bears are still a powerful force”.
AUD/USD key levels
The pair is now losing 0.18% at 0.8982 with the next support at 0.8966 (low Feb.14) ahead of 0.8928 (low Feb.13). On the flip side, a breakout of 0.9070 (high Feb.17) would open the door to 0.9087 (high Jan.13) and then 0.9152 (high Dec.11).
AUD/USD eyes on 0.9000
The pair is on track to regain the psychological handle at 0.9000 despite the prevailing tone favouring the risk-off trade. Apart from the weaker Chinese PMI, Australian docket showed the RBA FX Transactions at A$ 362 million during January, although the market largely ignored the release. “We retain a positive bias on AUD/USD for the week ahead, at least until what could be a lukewarm capex report. But 0.9085 is likely to remain strong resistance. The AUD price action on weak China data relative to its response to stronger China data suggests the bears are still a powerful force”.
AUD/USD key levels
The pair is now losing 0.18% at 0.8982 with the next support at 0.8966 (low Feb.14) ahead of 0.8928 (low Feb.13). On the flip side, a breakout of 0.9070 (high Feb.17) would open the door to 0.9087 (high Jan.13) and then 0.9152 (high Dec.11).