30 Apr 2014
AUD/USD on its way to 0.9300?
FXStreet (Edinburgh) - The Aussie dollar is extending the upside momentum, lifting the AUD/USD to the vicinity of 0.9290/0.9300 on Wednesday.
AUD/USD supported at 0.9220
The current decline from recent tops near 0.9470 (April 10th) seems to have found bottom in the area of 0.9220, with buyers lifting spot higher and looking to regain the 0.9300 handle. Nothing of note data-wise in Oz, with Private Sector Credit expanding 4.4% on a yearly basis in March. The biggest risk event will be today’s FOMC meeting, where another $10 billion taper is expected. “An overhang from China economic concerns may remain a potential bug bear for now, with 0.9200 still perceived to be a crucial support area. We stay neutral to top heavy while awaiting further cues”, observed Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD key levels
At the moment the pair is up 0.18% at 0.9285 with the next resistance at 0.9300 (psychological level) ahead of 0.9318 (high Apr.28) and then 0.9427 (high Apr.11). On the flip side, a break below 0.9227 (low Apr.29) would aim for 0.9225 (low Apr.4) and finally 0.9173 (50-d MA).
AUD/USD supported at 0.9220
The current decline from recent tops near 0.9470 (April 10th) seems to have found bottom in the area of 0.9220, with buyers lifting spot higher and looking to regain the 0.9300 handle. Nothing of note data-wise in Oz, with Private Sector Credit expanding 4.4% on a yearly basis in March. The biggest risk event will be today’s FOMC meeting, where another $10 billion taper is expected. “An overhang from China economic concerns may remain a potential bug bear for now, with 0.9200 still perceived to be a crucial support area. We stay neutral to top heavy while awaiting further cues”, observed Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD key levels
At the moment the pair is up 0.18% at 0.9285 with the next resistance at 0.9300 (psychological level) ahead of 0.9318 (high Apr.28) and then 0.9427 (high Apr.11). On the flip side, a break below 0.9227 (low Apr.29) would aim for 0.9225 (low Apr.4) and finally 0.9173 (50-d MA).