6 Jan 2014
AUD/USD is waiting for the major drivers
AUD/USD movements are indecisive Monday morning as the pair retraced to 0.8948 from the intraday highs at 0.8980.
AUD grieves over China PMI
AUD/USD has started year with profit-taking amid thin market conditions and speculations that the AUD recent decline was overdone. Though full participation and busy week ahead may change AUD fortunes once again. The pair was pressed to the downside Monday morning as HSBC published China Service PMI for December which showed the decline to 50.9 from 52.5 in November. China is the main consumer of Australian natural resources so the economic health in this country is vital for the Australia. Though AUD/USD reaction was not as violent as one might expect. Obviously, the pair receives help from USD selling in USD/JPY. Traders are not in a hurry to sell the Australian currency and prefer to buy on dips, though 0.9000 has to be cleared to switch the overall tone to bullish.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.8944, with support below at 0.8881, 0.8822 and 0.8759, with resistance above at 0.9003, 0.9088, and 0.9125 Hourly Moving Averages are mixed, with the 200SMA at 0.8912 and the daily 20EMA at 0.8959. Hourly RSI is neutral at 53.83.
AUD grieves over China PMI
AUD/USD has started year with profit-taking amid thin market conditions and speculations that the AUD recent decline was overdone. Though full participation and busy week ahead may change AUD fortunes once again. The pair was pressed to the downside Monday morning as HSBC published China Service PMI for December which showed the decline to 50.9 from 52.5 in November. China is the main consumer of Australian natural resources so the economic health in this country is vital for the Australia. Though AUD/USD reaction was not as violent as one might expect. Obviously, the pair receives help from USD selling in USD/JPY. Traders are not in a hurry to sell the Australian currency and prefer to buy on dips, though 0.9000 has to be cleared to switch the overall tone to bullish.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.8944, with support below at 0.8881, 0.8822 and 0.8759, with resistance above at 0.9003, 0.9088, and 0.9125 Hourly Moving Averages are mixed, with the 200SMA at 0.8912 and the daily 20EMA at 0.8959. Hourly RSI is neutral at 53.83.