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19 Feb 2014
AUD/USD recovers to 0.9030
FXStreet (Edinburgh) - The Aussie dollar is now intensifying its recovery from session lows in sub-0.9000 levels vs. the US dollar, with the AUD/USD now regaining some ground towards 0.9030.
AUD/USD correcting from weekly peaks
After hitting 5-week high at 0.9080 post-RBA minutes on Tuesday, the upside run out of legs and sparked a downward move to the 0.8990 region overnight, where buying interest stepped in. In the data front, the Conference Board Leading Index advanced 0.8% while the Wage Price Index rose 0.7% inter-quarter in Q4. “Providing background support for AUD multi-day are an RBA stance that won’t change any time soon (on monetary policy and probably also on AUD jawboning), waning concerns over EM contagion and potentially better data momentum in China, with its data pulse primed for improvement. Broad USD sentiment should be mostly supportive of AUD/USD over the week. Fresh highs for 2014 in the mid-0.91s seem likely but 0.92 could be a stretch”.
AUD/USD key levels
The pair is now losing 0.06% at 0.9025 with the next support at 0.9000 (psychological level) ahead of 0.8966 (low Feb.14) and then 0.8928 (low Feb.13). On the upside, a break above 0.9070 (high Feb.17) would expose 0.9087 (high Jan.13) and then 0.9152 (high Dec.11).
AUD/USD correcting from weekly peaks
After hitting 5-week high at 0.9080 post-RBA minutes on Tuesday, the upside run out of legs and sparked a downward move to the 0.8990 region overnight, where buying interest stepped in. In the data front, the Conference Board Leading Index advanced 0.8% while the Wage Price Index rose 0.7% inter-quarter in Q4. “Providing background support for AUD multi-day are an RBA stance that won’t change any time soon (on monetary policy and probably also on AUD jawboning), waning concerns over EM contagion and potentially better data momentum in China, with its data pulse primed for improvement. Broad USD sentiment should be mostly supportive of AUD/USD over the week. Fresh highs for 2014 in the mid-0.91s seem likely but 0.92 could be a stretch”.
AUD/USD key levels
The pair is now losing 0.06% at 0.9025 with the next support at 0.9000 (psychological level) ahead of 0.8966 (low Feb.14) and then 0.8928 (low Feb.13). On the upside, a break above 0.9070 (high Feb.17) would expose 0.9087 (high Jan.13) and then 0.9152 (high Dec.11).