11 Apr 2014
AUD/USD finds support at 0.9360
FXStreet (Edinburgh) - The Aussie dollar is trading on the back footing on Friday, with the AUD/USD coming down from yesterday’s peaks around 0.9470.
AUD/USD weaker on risk-off
A renewed risk-off sentiment hit the AUD during the Asian hours, following a grim session in Wall Street. Spot is now retreating for the second consecutive day after printing multi-month highs near 0.9470 on Thursday. There were nno data releases in Oz today, however Chinese consumer prices came in below estimates (2.4% YoY vs. 2.5% exp.). “Overall the rally AUD is becoming increasingly speculative as the shift in fundamentals is now well priced into the AUD. Any further strength in the AUD will be driven by either speculative flows, or by reserve recycling from regional central banks, and while this can persist, their foundations are tenuous’, commented Daniel Been, Analyst at ANZ.
AUD/USD levels to watch
The pair is now losing 0.41% at 0.9373 with the next support at 0.9300 (psychological level) ahead of 0.9263 (low Apr.8) and finally 0.9254 (low Apr.7). On the upside, a breakout of 0.9400 (psychological level) would expose 0.9461 (high Apr.10) and then 0.9530 (high Sep.18).
AUD/USD weaker on risk-off
A renewed risk-off sentiment hit the AUD during the Asian hours, following a grim session in Wall Street. Spot is now retreating for the second consecutive day after printing multi-month highs near 0.9470 on Thursday. There were nno data releases in Oz today, however Chinese consumer prices came in below estimates (2.4% YoY vs. 2.5% exp.). “Overall the rally AUD is becoming increasingly speculative as the shift in fundamentals is now well priced into the AUD. Any further strength in the AUD will be driven by either speculative flows, or by reserve recycling from regional central banks, and while this can persist, their foundations are tenuous’, commented Daniel Been, Analyst at ANZ.
AUD/USD levels to watch
The pair is now losing 0.41% at 0.9373 with the next support at 0.9300 (psychological level) ahead of 0.9263 (low Apr.8) and finally 0.9254 (low Apr.7). On the upside, a breakout of 0.9400 (psychological level) would expose 0.9461 (high Apr.10) and then 0.9530 (high Sep.18).