30 Apr 2014
AUD/USD retesting offers at 0.9278/80
FXStreet (Bali) - AUD/USD saw positive inflows at the Tokyo open, sending the exchange rate into closer contact with its recent highs at 0.9280.
AUD traders will be watching local data today, with the private sector credit announcement at 1.30GMT. However, as Jim Langlands, Founder at FXCharts, notes, "direction will more likely come from the EU CPI, which if weak may give the Aud a boost as sellers pile into EurAud." Langlands reminds us though, that "the more important data is more likely to be the FOMC decision (no surprises expected) and more particularly from tomorrow’s China manufacturing PMI."
Technically, Langlands observes "the Aud tracking the parameters of a downward channel quite nicely, having bounced off the support after seeing a low of 0.9227, and today could be another session confined within its boundaries, now at 0.9220/0.9320", he said. Looking at the 4h chart, Jim supports "trading from the long side, buying dips with a SL placed below the channel base", he said.
AUD traders will be watching local data today, with the private sector credit announcement at 1.30GMT. However, as Jim Langlands, Founder at FXCharts, notes, "direction will more likely come from the EU CPI, which if weak may give the Aud a boost as sellers pile into EurAud." Langlands reminds us though, that "the more important data is more likely to be the FOMC decision (no surprises expected) and more particularly from tomorrow’s China manufacturing PMI."
Technically, Langlands observes "the Aud tracking the parameters of a downward channel quite nicely, having bounced off the support after seeing a low of 0.9227, and today could be another session confined within its boundaries, now at 0.9220/0.9320", he said. Looking at the 4h chart, Jim supports "trading from the long side, buying dips with a SL placed below the channel base", he said.