25 Mar 2014
AUD/USD supported near 0.9120
FXStreet (Edinburgh) - The Aussie dollar is surrendering initial gains on Tuesday, dragging the AUD/USD to session troughs around 0.9120.
AUD/USD following risk
Absent data releases in Oz, the AUD would follow risk appetite trends as the main catalyst for price action. The greenback is trading on a better mood today after yesterday’s steep pullback, prompting downside corrections in riskier assets. “With the US economy steadily healing and rate rises moving into view, albeit still probably another 12 months away, we see AUD topside limited… The AUD chart at this time looks relatively neutral. It has been grinding out a choppy rebound since lows in January. We would be looking at current levels to start selling again expecting it to struggle around recent highs in the .91s”, noted Greg Gibbs, FX Trading Strategist at RBS.
AUD/USD levels to consider
At the moment the pair is losing 0.01% at 0.9130 with the next support at 0.9048 (low Mar.24) ahead of 0.9032 (low Mar.21) and then 0.9000 (psychological level). On the flip side, a breakout of 0.9138 (200-d MA) would open the door to 0.9150 (high Mar.24) and finally 0.9152 (high Dec.11).
AUD/USD following risk
Absent data releases in Oz, the AUD would follow risk appetite trends as the main catalyst for price action. The greenback is trading on a better mood today after yesterday’s steep pullback, prompting downside corrections in riskier assets. “With the US economy steadily healing and rate rises moving into view, albeit still probably another 12 months away, we see AUD topside limited… The AUD chart at this time looks relatively neutral. It has been grinding out a choppy rebound since lows in January. We would be looking at current levels to start selling again expecting it to struggle around recent highs in the .91s”, noted Greg Gibbs, FX Trading Strategist at RBS.
AUD/USD levels to consider
At the moment the pair is losing 0.01% at 0.9130 with the next support at 0.9048 (low Mar.24) ahead of 0.9032 (low Mar.21) and then 0.9000 (psychological level). On the flip side, a breakout of 0.9138 (200-d MA) would open the door to 0.9150 (high Mar.24) and finally 0.9152 (high Dec.11).