24 Jul 2014
AUD/USD bulls lost initiative
FXStreet (Moscow) - AUD/USD is trading slightly below its opening level of 0.9453 after moving to the Asian high at 0.9475.
Out of steam
AUD/USD was one of the best performers yesterday as Australian inflation data made investors fret about RBA monetary policy outcomes. The upside has stalled somewhere in mid-0.94, and even positive China PMI data provided only temporary positive effect on the Aussie. Though the short-term technical picture looks bullish as long as the pair holds above 0.9400 support, the bulls need a sustained close above 0.9500 on weekly basis to break the mid-term consolidation pattern from early April. US macroeconomic reports, namely initial jobless claims and new home sales, might shed some light on Aussie future, though we will need to see a really great figures to find AUD/USD below 0.9400 by the end of the day.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9433, with support below at 0.9402, 0.9349 and 0.9318, with resistance above at 0.9486, 0.9517 and 0.9570. Hourly Moving Averages are mixed with the 200SMA bullish at 0.9387 and the daily 20EMA neutral at 0.9392. Hourly RSI is bullish at 60.
Out of steam
AUD/USD was one of the best performers yesterday as Australian inflation data made investors fret about RBA monetary policy outcomes. The upside has stalled somewhere in mid-0.94, and even positive China PMI data provided only temporary positive effect on the Aussie. Though the short-term technical picture looks bullish as long as the pair holds above 0.9400 support, the bulls need a sustained close above 0.9500 on weekly basis to break the mid-term consolidation pattern from early April. US macroeconomic reports, namely initial jobless claims and new home sales, might shed some light on Aussie future, though we will need to see a really great figures to find AUD/USD below 0.9400 by the end of the day.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9433, with support below at 0.9402, 0.9349 and 0.9318, with resistance above at 0.9486, 0.9517 and 0.9570. Hourly Moving Averages are mixed with the 200SMA bullish at 0.9387 and the daily 20EMA neutral at 0.9392. Hourly RSI is bullish at 60.