21 Mar 2014
AUD/USD knocking on 0.9070 resistance
FXStreet (Barcelona) - AUD/USD is on the rise along Asian hours, reaching a session high of 0.9067 following steady bids, which managed to break through a cluster of offers circa 0.9050.
The intraday rally in the AUD coincided with a marginally higher fix by the PBoC, which brought some calm to the USD/CNY, USD/CNH markets, with current levels at 6.2210 from open at 6.2275, and 6.2010 from 6.2065 open, respectively.
Technically, next key level of resistance is found at 0.9070 ahead of 0.9090/0.91, origin of Wednesday's sell off. Only a break through the 200-day MA and descending trendline coming off 1.0540 will clear up the picture for bulls though. , On the downside, intraday setbacks are likely to attract buyers circa 0.9050, 0.9030, 0.90.
The intraday rally in the AUD coincided with a marginally higher fix by the PBoC, which brought some calm to the USD/CNY, USD/CNH markets, with current levels at 6.2210 from open at 6.2275, and 6.2010 from 6.2065 open, respectively.
Technically, next key level of resistance is found at 0.9070 ahead of 0.9090/0.91, origin of Wednesday's sell off. Only a break through the 200-day MA and descending trendline coming off 1.0540 will clear up the picture for bulls though. , On the downside, intraday setbacks are likely to attract buyers circa 0.9050, 0.9030, 0.90.