21 Mar 2014
AUD/USD testing highs near 0.9070
FXStreet (Edinburgh) - The Aussie dollar is extending its rebound from weekly troughs near 0.8990, pushing the AUD/USD back to the 0.9065/70 area on Friday.
AUD/USD trimming losses
Spot managed to recover part of the deep correction post-FOMC on Wednesday helped by the resurgence of the risk appetite. A better tone from the RBA’s minutes on Tuesday, almost ruling out further rate cut, plus recent improvement in the domestic labour market has also collaborated with the upside. “The sell off was quite emphatic and we look for rallies to find resistance at .9075/.9100 and be contained by the 200 day ma at .9145”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
AUD/USD key levels
The pair is now advancing 0.29% at 0.9066 with the next resistance at 0.9138 (high Mar.19) and then 0.9141 (200-d MA). On the downside, a breach of 0.9000 (psychological level) would expose 0.8995 (low Mar.20) and finally 0.8990 (low Mar.17).
AUD/USD trimming losses
Spot managed to recover part of the deep correction post-FOMC on Wednesday helped by the resurgence of the risk appetite. A better tone from the RBA’s minutes on Tuesday, almost ruling out further rate cut, plus recent improvement in the domestic labour market has also collaborated with the upside. “The sell off was quite emphatic and we look for rallies to find resistance at .9075/.9100 and be contained by the 200 day ma at .9145”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
AUD/USD key levels
The pair is now advancing 0.29% at 0.9066 with the next resistance at 0.9138 (high Mar.19) and then 0.9141 (200-d MA). On the downside, a breach of 0.9000 (psychological level) would expose 0.8995 (low Mar.20) and finally 0.8990 (low Mar.17).