29 Apr 2014
AUD/USD making ground but not enough
FXStreet (Guatemala) - AUD/USD is trading at 0.9271, up 0.20% on the day, having posted a daily high at 0.9284 and low at 0.9227.
AUD/USD, having lost the 0.93 handle at the start of the week, the pair is battling back and oscillating in the higher end on 0.92 currently. However, Karen Jones, chief economist at Commerzbank explained that, in order to alleviate immediate downside pressure, the market will have to overcome short term downtrend at 0.9338 as an absolute minimum. “Meanwhile attention will remain on the 0.9203 2014 uptrend.
AUD/USD data
Besides the bust US calendar this week, Strategists at TD Securities note that we have the March Private Sector credit that is due and they said it is likely to tick along at a modest pace on Wed (although housing credit at 5.5%/yr was the highest since Nov 2011); “Thu brings Q1 terms of trade, a focus for RBA and Treasury but rarely a market mover; Fri brings home sales, PPI (ignored now it’s released after the CPI) and Mar building approvals (TD +1%/mth and +2.4%/qtr)”.
AUD/USD chart formations
Regarding candlestick formations, we can see Doji formation on the 4-hour .
AUD/USD Levels
Spot is presently trading at 0.9274, and next resistance can be seen at 0.9284 (Daily High), 0.9291 (Daily 20 SMA), 0.9302 (Daily Classic R1), 0.9303 (Weekly Classic PP) and 0.9304 (Hourly 200 SMA). Support below can be found at 0.9272 (Daily Classic PP), 0.9272 (Hourly 100 SMA), 0.9263 (Hourly 20 EMA), 0.9258 (Daily Open) and 0.9255 (Weekly Low).
AUD/USD, having lost the 0.93 handle at the start of the week, the pair is battling back and oscillating in the higher end on 0.92 currently. However, Karen Jones, chief economist at Commerzbank explained that, in order to alleviate immediate downside pressure, the market will have to overcome short term downtrend at 0.9338 as an absolute minimum. “Meanwhile attention will remain on the 0.9203 2014 uptrend.
AUD/USD data
Besides the bust US calendar this week, Strategists at TD Securities note that we have the March Private Sector credit that is due and they said it is likely to tick along at a modest pace on Wed (although housing credit at 5.5%/yr was the highest since Nov 2011); “Thu brings Q1 terms of trade, a focus for RBA and Treasury but rarely a market mover; Fri brings home sales, PPI (ignored now it’s released after the CPI) and Mar building approvals (TD +1%/mth and +2.4%/qtr)”.
AUD/USD chart formations
Regarding candlestick formations, we can see Doji formation on the 4-hour .
AUD/USD Levels
Spot is presently trading at 0.9274, and next resistance can be seen at 0.9284 (Daily High), 0.9291 (Daily 20 SMA), 0.9302 (Daily Classic R1), 0.9303 (Weekly Classic PP) and 0.9304 (Hourly 200 SMA). Support below can be found at 0.9272 (Daily Classic PP), 0.9272 (Hourly 100 SMA), 0.9263 (Hourly 20 EMA), 0.9258 (Daily Open) and 0.9255 (Weekly Low).