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17 Apr 2014
AUD/USD eases to 0.9340
FXStreet (Edinburgh) - The AUD/USD is now printing fresh intraday troughs in the region of 0.9345/40 on Thursday, as the risk-on trade seems to be taking a breather.
AUD/USD still correcting from recent peaks
The pair has been rejected from multi-month peaks near 0.9470 posted last week, sparking the ongoing correction, which found decent support around 0.9330 so far. Without any event scheduled in Oz in the very near term, spot would likely follow the risk mood and any news from China. “Despite the slight pickup in risk appetite on Wednesday, note that the AUD-USD is still contemplating the 0.9400 ceiling with 0.9460 expected to cap thereafter while support is seen on dips into 0.9300. On the event horizon, the Australian 1Q CPI numbers due next Wednesday may prove pivotal for any potential upside head room, China/risk appetite headlines permitting”, observed Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD key levels
The pair is now losing 0.28% at 0.9344 with the immediate support at 0.9333 (low Apr.16) followed by 0.9300 (psychological level) and then 0.9263 (low Apr.8). On the flip side, a breakout of 0.9425 (high Apr.15) would aim for 0.9427 (high Apr.11) and finally 0.9461 (high Apr.10).
AUD/USD still correcting from recent peaks
The pair has been rejected from multi-month peaks near 0.9470 posted last week, sparking the ongoing correction, which found decent support around 0.9330 so far. Without any event scheduled in Oz in the very near term, spot would likely follow the risk mood and any news from China. “Despite the slight pickup in risk appetite on Wednesday, note that the AUD-USD is still contemplating the 0.9400 ceiling with 0.9460 expected to cap thereafter while support is seen on dips into 0.9300. On the event horizon, the Australian 1Q CPI numbers due next Wednesday may prove pivotal for any potential upside head room, China/risk appetite headlines permitting”, observed Emmanuel Ng, FX Strategist at OCBC Bank.
AUD/USD key levels
The pair is now losing 0.28% at 0.9344 with the immediate support at 0.9333 (low Apr.16) followed by 0.9300 (psychological level) and then 0.9263 (low Apr.8). On the flip side, a breakout of 0.9425 (high Apr.15) would aim for 0.9427 (high Apr.11) and finally 0.9461 (high Apr.10).