8 Apr 2014
AUD/USD eyeing next key resistances
FXStreet (Guatemala) - Strategists at TD Securities explained that the big market moves during the European morning were on the FX side, with a steep sell-off in the USD and the AUD/USD was one of the biggest movers of the G10’s.
Meanwhile, overnight, the 2013 Business Conditions average was a miserable –5, so at 1 is still a trend improvement. The strategists at TD Securities said, “We suspect the business community is now treading water ahead of next month’s 2014/15 Commonwealth Budget, the first under the Coalition. As far as implications for the RBA, it has noted on several occasions that sentiment has picked up”.
AUD consolidating ahead of key levels
AUD/USD cleared pretty key resistance offered by the Fibonacci retracement at 0.9338 and the 55 week ma at 0.9328 but has slowed down ahead of the channel at 0.9389. Karen Jones suggested that, currently, there remains scope to 0.9388, 0.9448 which is the November high and the 2011 low.
AUD/USD Levels
Spot is presently trading at 0.9350, and next resistance can be seen at 0.9368 (Daily High), 0.9374 (Weekly Classic R2), 0.9438 (Weekly Classic R3), 1.0545 (Annual High) and 1.1028 (3 Year High). Support below can be found at 0.9338 (Daily Classic R3), 0.9333 (Weekly Classic R1), 0.9327 (Hourly 20 EMA), 0.9317 (Daily Classic R2) and 0.9297 (Yesterday's High). Regarding candlestick formations, we can see Doji formation on the 4-hour.
Meanwhile, overnight, the 2013 Business Conditions average was a miserable –5, so at 1 is still a trend improvement. The strategists at TD Securities said, “We suspect the business community is now treading water ahead of next month’s 2014/15 Commonwealth Budget, the first under the Coalition. As far as implications for the RBA, it has noted on several occasions that sentiment has picked up”.
AUD consolidating ahead of key levels
AUD/USD cleared pretty key resistance offered by the Fibonacci retracement at 0.9338 and the 55 week ma at 0.9328 but has slowed down ahead of the channel at 0.9389. Karen Jones suggested that, currently, there remains scope to 0.9388, 0.9448 which is the November high and the 2011 low.
AUD/USD Levels
Spot is presently trading at 0.9350, and next resistance can be seen at 0.9368 (Daily High), 0.9374 (Weekly Classic R2), 0.9438 (Weekly Classic R3), 1.0545 (Annual High) and 1.1028 (3 Year High). Support below can be found at 0.9338 (Daily Classic R3), 0.9333 (Weekly Classic R1), 0.9327 (Hourly 20 EMA), 0.9317 (Daily Classic R2) and 0.9297 (Yesterday's High). Regarding candlestick formations, we can see Doji formation on the 4-hour.