7 Apr 2014
Aussie is back to the drawing board; intraday low of 0.9270 is in sight
FXStreet (Moscow) - AUD/USD tried to recover from intraday lows of 0.9279, though the bullish developments were too slow and too painful to allow hope for a breakout above the bespoke resistance of 0.9300; currently AUD/USD is at 0.9279.
Australian economy vs. FOMC minutes
There are two main developments that may affect the Aussie they week. First, it is the bunch of Australian reports, namely, employment data, investment lending and home loans. Despite a somewhat rosy statistics published lately, and upbeat RBA assessment of the domestic economy, companies have been wary, waiting for stronger signals of economic recovery. Thus, business confidence on Tuesday together with investment lending data on Wednesday will show whether they are still reluctant to start more ambitious investment plans. Second, it is the FOMC minutes that may prove the hawkish shift in the central bank rhetoric and thus cap the AUD/USD gains on the intraweek basis.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9275, with support below at 0.9239, 0.9187 and 0.9151, with resistance above at 0.9323, 0.9363 and 0.9416. Hourly Moving Averages are bullish, with the 200SMA at 0.9239 and the daily 20EMA is bullish at 0.9161. Hourly RSI is neutral at 65.
Australian economy vs. FOMC minutes
There are two main developments that may affect the Aussie they week. First, it is the bunch of Australian reports, namely, employment data, investment lending and home loans. Despite a somewhat rosy statistics published lately, and upbeat RBA assessment of the domestic economy, companies have been wary, waiting for stronger signals of economic recovery. Thus, business confidence on Tuesday together with investment lending data on Wednesday will show whether they are still reluctant to start more ambitious investment plans. Second, it is the FOMC minutes that may prove the hawkish shift in the central bank rhetoric and thus cap the AUD/USD gains on the intraweek basis.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9275, with support below at 0.9239, 0.9187 and 0.9151, with resistance above at 0.9323, 0.9363 and 0.9416. Hourly Moving Averages are bullish, with the 200SMA at 0.9239 and the daily 20EMA is bullish at 0.9161. Hourly RSI is neutral at 65.