5 May 2014
AUD/USD supported at 0.9250
FXStreet (Edinburgh) -The Aussie dollar is extending the bounce off intraday lows near 0.9250, lifting the AUD/USD back to the 0.9270/75 region on Monday.
AUD/USD weaker after data in Oz, China
Softer than expected Chinese manufacturing PMI gauged by HSBC in April (48.1) plus downbeat Building Permits in Oz during March dragged spot from session highs around 0.9290 in Asia to the vicinity of 0.9250, as traders keep digesting Friday’s Payrolls. “The Australian dollar staged an impressive recovery before the weekend after testing the $0.9200 area support. A move now above $0.9315-25 would suggest that 1) the pullback from $0.9460 in early April was a correction and 2) that another run toward $0.9500, the measuring objective of an old head and shoulders bottom pattern”, commented analysts at BBH Global Currency Strategy Team
AUD/USD levels to watch
As of writing the pair is down 0.03% at 0.9273 and a break below 0.9253 (low Apr.30) would open the door to 0.9227 (low Apr.29) and finally 0.9225 (low Apr.4). On the other hand, the initial resistance aligns at 0.9318 (high Apr.28) and then 0.9427 (high Apr.11).
AUD/USD weaker after data in Oz, China
Softer than expected Chinese manufacturing PMI gauged by HSBC in April (48.1) plus downbeat Building Permits in Oz during March dragged spot from session highs around 0.9290 in Asia to the vicinity of 0.9250, as traders keep digesting Friday’s Payrolls. “The Australian dollar staged an impressive recovery before the weekend after testing the $0.9200 area support. A move now above $0.9315-25 would suggest that 1) the pullback from $0.9460 in early April was a correction and 2) that another run toward $0.9500, the measuring objective of an old head and shoulders bottom pattern”, commented analysts at BBH Global Currency Strategy Team
AUD/USD levels to watch
As of writing the pair is down 0.03% at 0.9273 and a break below 0.9253 (low Apr.30) would open the door to 0.9227 (low Apr.29) and finally 0.9225 (low Apr.4). On the other hand, the initial resistance aligns at 0.9318 (high Apr.28) and then 0.9427 (high Apr.11).