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15 Jul 2013
AUD/USD unable to breach 0.9100 ahead of Chinese data
FXstreet.com (New York) - The AUD/USD foreign exchange rate was unable to breach the 0.9100 level Monday, ahead of the release of Chinese data later today at 2:00 GMT.
Indeed, the pair reached its climax at 0.9096 during Asian trading (session high), ultimately planning off and easing lower in subsequent minutes. In these moments, the AUD/USD has returned to the 0.9074 level (20-day SMA), still up a tepid +0.05% Monday. The pair faces short-term resistances at 0.9095 (200-day SMA), onto 0.9108 (July 10 low), and 0.9142 (July 8 high).
AUD/USD strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “a AUD bounce against the greenback extended Monday, with the pair testing 0.9080 – albeit with bears still in control. The hourly chart shows current movement seems barely corrective, with indicators coming back from extreme oversold readings, and 20 SMA heading south above current price. Chinese data later today will likely decide the fate of AUD, as worse than expected numbers will likely push the pair towards sub 0.9000 levels.”
Indeed, the pair reached its climax at 0.9096 during Asian trading (session high), ultimately planning off and easing lower in subsequent minutes. In these moments, the AUD/USD has returned to the 0.9074 level (20-day SMA), still up a tepid +0.05% Monday. The pair faces short-term resistances at 0.9095 (200-day SMA), onto 0.9108 (July 10 low), and 0.9142 (July 8 high).
AUD/USD strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “a AUD bounce against the greenback extended Monday, with the pair testing 0.9080 – albeit with bears still in control. The hourly chart shows current movement seems barely corrective, with indicators coming back from extreme oversold readings, and 20 SMA heading south above current price. Chinese data later today will likely decide the fate of AUD, as worse than expected numbers will likely push the pair towards sub 0.9000 levels.”