5 May 2014
AUD/USD threatening the upside of channel
FXStreet (Guatemala) - AUD/USD is trading at 0.9276, having posted a daily high at 0.9291 and low at 0.9252.
AUD/USD has been stuck in the range on a slow start to the week while markets are expecting the RBA to maintain a neutral tone. Meanwhile on the day, the US economy has printed slightly better numbers than expectations in Markit Services PMI (April) and ISM Manufacturing PMI (April), although the pair remains better bid currently.
The RBA decision is due and strategists at RBS explained that they anticipate that the neutral outlook on the policy rate and the current language on the AUD will be left unaltered. “The RBA will release its Statement on Monetary Policy a few days later, but the post decision press release that is given with the rate decision will likely allude to any possible adjustments to the outlook. While the first quarter inflation print underwhelmed market expectations, we don't see it as out of line with the RBA's current forecast. This likely leaves the RBA outlook as solidly neutral. The March trade balance for March is released in Australia as well”.
AUD/USD Levels
Current price is 0.9277, with resistance ahead at 0.9282 (Yesterday's High), 0.9286 (Daily 20 SMA), 0.9287 (Daily Open), 0.9288 (Weekly High) and 0.9291 (Daily High). Next support to the downside can be found at 0.9273 (Hourly 100 SMA), 0.9273 (Hourly 200 SMA), 0.9269 (Hourly 20 EMA), 0.9266 (Weekly Classic PP) and 0.9255 (Monthly Low).
AUD/USD chart formations
Looking at price patterns, we can see a Doji 4-hour candlestick formation.
AUD/USD has been stuck in the range on a slow start to the week while markets are expecting the RBA to maintain a neutral tone. Meanwhile on the day, the US economy has printed slightly better numbers than expectations in Markit Services PMI (April) and ISM Manufacturing PMI (April), although the pair remains better bid currently.
The RBA decision is due and strategists at RBS explained that they anticipate that the neutral outlook on the policy rate and the current language on the AUD will be left unaltered. “The RBA will release its Statement on Monetary Policy a few days later, but the post decision press release that is given with the rate decision will likely allude to any possible adjustments to the outlook. While the first quarter inflation print underwhelmed market expectations, we don't see it as out of line with the RBA's current forecast. This likely leaves the RBA outlook as solidly neutral. The March trade balance for March is released in Australia as well”.
AUD/USD Levels
Current price is 0.9277, with resistance ahead at 0.9282 (Yesterday's High), 0.9286 (Daily 20 SMA), 0.9287 (Daily Open), 0.9288 (Weekly High) and 0.9291 (Daily High). Next support to the downside can be found at 0.9273 (Hourly 100 SMA), 0.9273 (Hourly 200 SMA), 0.9269 (Hourly 20 EMA), 0.9266 (Weekly Classic PP) and 0.9255 (Monthly Low).
AUD/USD chart formations
Looking at price patterns, we can see a Doji 4-hour candlestick formation.