29 Apr 2014
AUD/USD recovery stalls at 0.9250
FXStreet (Edinburgh) - After dipping to sub-0.9230 levels in the Asian session, the AUD/USD attempted a recovery although it run out of legs near 0.9250.
AUD/USD correcting from highs
Spot continues to retrace early April peaks near 0.9470, currently hovering over the 23.6% Fibo retracement of the Mar-Apr upside around 0.9235/40. A fairly light calendar would see the pair following the risk trends, with special attention to the Chinese manufacturing PMI on Thursday and US Payrolls on Friday (205K exp.), and a continuation of the decline in iron ore prices. “While AUD rallied unexpected to a high of 0.9317, the sharp reversal from the high suggests further downside risk for today. Expect any recovery to hold below 0.9290 for a move towards 0.9225”, noted Quek Ser Leang, Market Strategist at UOB Group.
AUD/USD key levels
The pair is now losing 0.16% at 0.9240 with the next support at 0.9225 (low Apr.4) followed by 0.9167 (50-d MA) and then 0.9155 (low Mar.26). On the upside, a breakout of 0.9261 (high Apr.29) would open the door to 0.9318 (high Apr.28) and finally 0.9427 (high Apr.11).
AUD/USD correcting from highs
Spot continues to retrace early April peaks near 0.9470, currently hovering over the 23.6% Fibo retracement of the Mar-Apr upside around 0.9235/40. A fairly light calendar would see the pair following the risk trends, with special attention to the Chinese manufacturing PMI on Thursday and US Payrolls on Friday (205K exp.), and a continuation of the decline in iron ore prices. “While AUD rallied unexpected to a high of 0.9317, the sharp reversal from the high suggests further downside risk for today. Expect any recovery to hold below 0.9290 for a move towards 0.9225”, noted Quek Ser Leang, Market Strategist at UOB Group.
AUD/USD key levels
The pair is now losing 0.16% at 0.9240 with the next support at 0.9225 (low Apr.4) followed by 0.9167 (50-d MA) and then 0.9155 (low Mar.26). On the upside, a breakout of 0.9261 (high Apr.29) would open the door to 0.9318 (high Apr.28) and finally 0.9427 (high Apr.11).