13 Feb 2014
Poor Aussie is licking wounds
FXStreet (Moscow) - AUD/USD managed to take off from earlier lows at 0.8927 and rebounded to the current levels of 0.8937, still much lower than the opening level of 0.9029.
Australian labor market data is a game changer
Having broken the key resistance 0.9000, the Aussie ran out of steam. Yesterday AUD/USD retraced from intraday highs of 0.9060 and closed the day nearly unchanged and that was an early signal that that the bulls needed to take time out. Australian market data published earlier today proved really negative for the currency as it came out worse than expected and showed that unemployment rate grew to troubling 6.0% (And more to come). AUD/USD crashed below that so much talked about support of 0.9000 within minutes and continued to fall. We believe that today’s labor market data may break the spell of RBA’s change of stance and switch traders’ attention to real economic data/ From the longer term perspective 0.9000 was a real borderline for the bulls, but now it seems that they have lost their chance. The intraday support comes at 0.8900, once it is broken, the pair will how down to 0.8875. The short-term upside will be limited by 0.8950.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9035, with support below at 0.8920 and 0.8900, with resistance above at 0.9063, 0.9098 and 0.9126. Hourly Moving Averages are mostly bearish, with the 200SMA at 0.8926 and the daily 20EMA at 0.8899. Hourly RSI is neutral at 21.
Australian labor market data is a game changer
Having broken the key resistance 0.9000, the Aussie ran out of steam. Yesterday AUD/USD retraced from intraday highs of 0.9060 and closed the day nearly unchanged and that was an early signal that that the bulls needed to take time out. Australian market data published earlier today proved really negative for the currency as it came out worse than expected and showed that unemployment rate grew to troubling 6.0% (And more to come). AUD/USD crashed below that so much talked about support of 0.9000 within minutes and continued to fall. We believe that today’s labor market data may break the spell of RBA’s change of stance and switch traders’ attention to real economic data/ From the longer term perspective 0.9000 was a real borderline for the bulls, but now it seems that they have lost their chance. The intraday support comes at 0.8900, once it is broken, the pair will how down to 0.8875. The short-term upside will be limited by 0.8950.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9035, with support below at 0.8920 and 0.8900, with resistance above at 0.9063, 0.9098 and 0.9126. Hourly Moving Averages are mostly bearish, with the 200SMA at 0.8926 and the daily 20EMA at 0.8899. Hourly RSI is neutral at 21.