16 Jul 2014
AUD/USD needs to break 0.9320/9460 range
FXStreet (Guatemala) - AUD/USD is trading at 0.9363, down -0.07% on the day, having posted a daily high at 0.9377 and low at 0.9329.
The AUD/USD has been back and fourth based upon Yellen over the past 24hrs, suggesting rates could go up sooner than expected fuelling an initial rally in the greenback, and then with positive Chinese data, we found out that we had a market already pretty long on the back of the muted response overnight that then turned lower in a delayed reaction. Subsequently, the market has been building back the longs within a 40 pip range on a 0.93 handle still. Next up, we get the beige book that may throw the bulls a curve bull should it back up Yellens finally thoughts for the day, being that the economy is on track in terms of both growth and labour markets.
AUD/USD to remain within current 0.9320/9460?
Meanwhile, the Market Strategy Team at UOB Group explained that while short-term downward momentum is picking up, the broader picture suggests that the current movement is part of a consolidation range. “Only a break below the recent low near 0.9320 would indicate further AUD weakness in the weeks ahead. Otherwise, expect this pair to trade between 0.9320 and 0.9460 for the next week or so."
AUD/USD Levels
Spot is presently trading at 0.9363, and next resistance can be seen at 0.9370 (Weekly Low), 0.9371 (Daily Open), 0.9374 (Daily Classic PP), 0.9377 (Daily High) and 0.9380 (Hourly 100 SMA). Next support to the downside can be found at 0.9357 (Hourly 20 EMA), 0.9349 (Yesterday's Low), 0.9344 (Daily Classic S1), 0.9338 (Monthly Low) and 0.9335 (Weekly Classic S1).
The AUD/USD has been back and fourth based upon Yellen over the past 24hrs, suggesting rates could go up sooner than expected fuelling an initial rally in the greenback, and then with positive Chinese data, we found out that we had a market already pretty long on the back of the muted response overnight that then turned lower in a delayed reaction. Subsequently, the market has been building back the longs within a 40 pip range on a 0.93 handle still. Next up, we get the beige book that may throw the bulls a curve bull should it back up Yellens finally thoughts for the day, being that the economy is on track in terms of both growth and labour markets.
AUD/USD to remain within current 0.9320/9460?
Meanwhile, the Market Strategy Team at UOB Group explained that while short-term downward momentum is picking up, the broader picture suggests that the current movement is part of a consolidation range. “Only a break below the recent low near 0.9320 would indicate further AUD weakness in the weeks ahead. Otherwise, expect this pair to trade between 0.9320 and 0.9460 for the next week or so."
AUD/USD Levels
Spot is presently trading at 0.9363, and next resistance can be seen at 0.9370 (Weekly Low), 0.9371 (Daily Open), 0.9374 (Daily Classic PP), 0.9377 (Daily High) and 0.9380 (Hourly 100 SMA). Next support to the downside can be found at 0.9357 (Hourly 20 EMA), 0.9349 (Yesterday's Low), 0.9344 (Daily Classic S1), 0.9338 (Monthly Low) and 0.9335 (Weekly Classic S1).