Back
21 May 2014
AUD/USD softer around 0.9230
FXStreet (Edinburgh) - The demand for the Aussie dollar remains subdued on Wednesday, taking the AUD/USD to sub-0.9240 levels.
AUD/USD weaker after data
The weekly sharp sell-off seems to have found a bottom just below yesterday’s lows sub-0.9220, although spot remains in the red territory and has given back May’s gains. In the data sphere, Australian Consumer Confidence gauged by the Westpac index dropped to 92.9 in May from 99.7, adding to the current selling mood. “While we anticipated the AUD weakness yesterday, the drop was much deeper than expected. Despite oversold condition, there is no confirmation of a low just yet. For today, allow for a recovery but as long as 0.9275/80 is not taken out, AUD is expected to move lower towards the strong mid-term support at 0.9200/05”, observed Quek Ser Leang, Market Strategist at UOB Group.
AUD/USD key levels
The pair is now losing 0.06% at 0.9237 with the next support at 0.9227 (low Apr.29) ahead of 0.9225 (low Apr.4) and finally 0.9184 (50-d MA). On the upside, a break above 0.9427 (high Apr.11) would aim for 0.9461 (high Apr.10) and then 0.9500 (psychological level).
AUD/USD weaker after data
The weekly sharp sell-off seems to have found a bottom just below yesterday’s lows sub-0.9220, although spot remains in the red territory and has given back May’s gains. In the data sphere, Australian Consumer Confidence gauged by the Westpac index dropped to 92.9 in May from 99.7, adding to the current selling mood. “While we anticipated the AUD weakness yesterday, the drop was much deeper than expected. Despite oversold condition, there is no confirmation of a low just yet. For today, allow for a recovery but as long as 0.9275/80 is not taken out, AUD is expected to move lower towards the strong mid-term support at 0.9200/05”, observed Quek Ser Leang, Market Strategist at UOB Group.
AUD/USD key levels
The pair is now losing 0.06% at 0.9237 with the next support at 0.9227 (low Apr.29) ahead of 0.9225 (low Apr.4) and finally 0.9184 (50-d MA). On the upside, a break above 0.9427 (high Apr.11) would aim for 0.9461 (high Apr.10) and then 0.9500 (psychological level).