2 Sep 2013
AUD/USD bounces from session lows; targets 0.90 zone
FXstreet.com (Chicago) - AUD/USD started Monday’s session in Asia trading stronger than the greenback after runaway gap and heavy buying. Chinese manufacturing data revealed economic expansion, fueling the Aussie to weekly peaks. At the afternoon of the American trading session, the pair manages to rebound off grounds after retracing from 0.9015 peaks.
Better-than-expected Australian data
US markets are closed today on Labor Day while in Australia, the Australia ASX All Ordinaries closed with 1.03% gains uplifted by positive Chinese data, the ease off of the Syrian conflict over the weekend and better than expected manufacturing data in the country with the AiG performance of mfg index for August up to 46.4 vs. prior 42.0. Building permits also surprised at 10.8% vs. past -6.3% and expected 4.1% (MoM) and the RBA commodity index SDR (YoY) was -7.3% vs. past -11.8%, revealing improvements in the economy.
AUD/USD Technical Levels
Technically speaking, the pair trades at 0.8980 between supports at 0.8976 (August 29th highs), 0.8962 (August 20th highs) ahead of 0.8941 (August 27th lows) and resistances at 0.90 (August 27th highs), 0.90224 (August 20th lows) followed by 0.9040 (August 25th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and is offered below the EMA20.
Better-than-expected Australian data
US markets are closed today on Labor Day while in Australia, the Australia ASX All Ordinaries closed with 1.03% gains uplifted by positive Chinese data, the ease off of the Syrian conflict over the weekend and better than expected manufacturing data in the country with the AiG performance of mfg index for August up to 46.4 vs. prior 42.0. Building permits also surprised at 10.8% vs. past -6.3% and expected 4.1% (MoM) and the RBA commodity index SDR (YoY) was -7.3% vs. past -11.8%, revealing improvements in the economy.
AUD/USD Technical Levels
Technically speaking, the pair trades at 0.8980 between supports at 0.8976 (August 29th highs), 0.8962 (August 20th highs) ahead of 0.8941 (August 27th lows) and resistances at 0.90 (August 27th highs), 0.90224 (August 20th lows) followed by 0.9040 (August 25th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe analysis and is offered below the EMA20.