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18 Mar 2014
AUD/USD outperforming beyond 0.9100
FXStreet (Edinburgh) -The AUD/USD is extending its intraday upbeat sentiment, printing fresh 2-week highs beyond 0.9100 the figure.
AUD/USD holding on to 0.9100
The pair surpassed overnight peaks near 0.9110 while the AUD keeps differentiating from the rest of the risk-associated assets. In light of the release of today’s minutes, Greg Gibbs, FX Strategist at RBS, commented, “These minutes at the margin should support the AUD on the basis that rates are on hold and still offer a yield pick-up over major currencies. The RBA will not be doing much to weaken the currency unless it rises to levels where it might begin to damage confidence further… So the stable rates view is becoming consensus and thus the AUD upside might be limited by ongoing concerns over Chinese commodity demand”.
AUD/USD levels to watch
The pair is now up 0.30% at 0.9115 with the initial resistance at 0.9135 (high Mar.7) ahead of 0.9152 (high Dec.11) and then 0.9155 (200-d MA). On the downside, a breach of 0.8930 (50-d MA) would expose 0.8923 (low Mar.12) and finally 0.8909 (low Mar.4).
AUD/USD holding on to 0.9100
The pair surpassed overnight peaks near 0.9110 while the AUD keeps differentiating from the rest of the risk-associated assets. In light of the release of today’s minutes, Greg Gibbs, FX Strategist at RBS, commented, “These minutes at the margin should support the AUD on the basis that rates are on hold and still offer a yield pick-up over major currencies. The RBA will not be doing much to weaken the currency unless it rises to levels where it might begin to damage confidence further… So the stable rates view is becoming consensus and thus the AUD upside might be limited by ongoing concerns over Chinese commodity demand”.
AUD/USD levels to watch
The pair is now up 0.30% at 0.9115 with the initial resistance at 0.9135 (high Mar.7) ahead of 0.9152 (high Dec.11) and then 0.9155 (200-d MA). On the downside, a breach of 0.8930 (50-d MA) would expose 0.8923 (low Mar.12) and finally 0.8909 (low Mar.4).