27 May 2014
AUD/USD defiant, claiming back the open
FXStreet (Guatemala) - AUD/USD is trading at 0.9259, up 0.24% on the day, having posted a daily high at 0.9279 and low at 0.9232.
Despite US yields losing traction, the AUD/USD is still suffering although is currently trying to claim back earlier levels and business from the European/US sessions. Meanwhile, Adarsh Sinha, FX Strategist at BAML explained that while the AUD's overvaluation has increased over the past couple of months, it is likely to take a further decline in Australia's terms-of-trade and/or real rates relative to other countries for the RBA to view it as inappropriately high. “We quantify this within the RBA's framework."
AUD/USD Levels
Spot is presently trading at 0.9259, and next resistance can be seen at 0.9261 (Daily Classic R2), 0.9272 (Weekly Classic PP), 0.9272 (Daily Classic R3), 0.9279 (Daily High) and 0.9280 (Hourly 200 SMA). Next support to the downside can be found at 0.9252 (Weekly High), 0.9252 (Yesterday's High), 0.9250 (Hourly 20 EMA), 0.9250 (Daily Classic R1) and 0.9241 (Hourly 100 SMA).
AUD/USD Levels
Regarding candlestick formations, we can see Doji formation on the 4-hour.
Despite US yields losing traction, the AUD/USD is still suffering although is currently trying to claim back earlier levels and business from the European/US sessions. Meanwhile, Adarsh Sinha, FX Strategist at BAML explained that while the AUD's overvaluation has increased over the past couple of months, it is likely to take a further decline in Australia's terms-of-trade and/or real rates relative to other countries for the RBA to view it as inappropriately high. “We quantify this within the RBA's framework."
AUD/USD Levels
Spot is presently trading at 0.9259, and next resistance can be seen at 0.9261 (Daily Classic R2), 0.9272 (Weekly Classic PP), 0.9272 (Daily Classic R3), 0.9279 (Daily High) and 0.9280 (Hourly 200 SMA). Next support to the downside can be found at 0.9252 (Weekly High), 0.9252 (Yesterday's High), 0.9250 (Hourly 20 EMA), 0.9250 (Daily Classic R1) and 0.9241 (Hourly 100 SMA).
AUD/USD Levels
Regarding candlestick formations, we can see Doji formation on the 4-hour.