14 Apr 2014
AUD/USD consolidates above 0.9400
FXStreet (Edinburgh) -The AUD/USD is now easing from intraday highs beyond 0.9420, creeping back to the area of 0.9415/10 n Monday.
AUD/USD eyes on RBA, China
Two risk events would be in the limelight for AUD traders this week: the RBA minutes due tomorrow and critical Chinese data on Wednesday – Q1 GDP and Retail Sales. While the RBA minutes would be almost a non-event, a positive surprise from the Chinese docket would certainly give extra wings to the pair, with interim resistance at 0.9500. “In line with the current overbought and diverging momentum framework, some consolidation seems likely. Note that the .9140/00 breakout area from late-March will now act as key support maintaining the short term upside risks. Alternately, violations would argue for a deeper retracement into the key .8890 March low. Importantly, the setup for the crosses suggests continued”, assessed the research team at JP Morgan Chase.
AUD/USD key levels
The pair is now advancing 0.19% at 0.9414 and a breakout of 0.9427 (high Apr.11) would open the door to 0.9461 (high Apr.10) and then 0.9500 (psychological level). On the flip side, the initial support lines up at 0.9362 (low Apr.11) ahead of 0.9355 (low Apr.9) and finally 0.9300 (psychological level).
AUD/USD eyes on RBA, China
Two risk events would be in the limelight for AUD traders this week: the RBA minutes due tomorrow and critical Chinese data on Wednesday – Q1 GDP and Retail Sales. While the RBA minutes would be almost a non-event, a positive surprise from the Chinese docket would certainly give extra wings to the pair, with interim resistance at 0.9500. “In line with the current overbought and diverging momentum framework, some consolidation seems likely. Note that the .9140/00 breakout area from late-March will now act as key support maintaining the short term upside risks. Alternately, violations would argue for a deeper retracement into the key .8890 March low. Importantly, the setup for the crosses suggests continued”, assessed the research team at JP Morgan Chase.
AUD/USD key levels
The pair is now advancing 0.19% at 0.9414 and a breakout of 0.9427 (high Apr.11) would open the door to 0.9461 (high Apr.10) and then 0.9500 (psychological level). On the flip side, the initial support lines up at 0.9362 (low Apr.11) ahead of 0.9355 (low Apr.9) and finally 0.9300 (psychological level).