13 May 2014
AUD/USD drifting lower towards 0.9350 bids
FXStreet (Bali) - AUD/USD is confined in a ranging environment of 40/50 pips between 0.9390/.94 and 0.9350.
Risk events for today include Australian home loans, a dump of Chinese data, including retail sales and industrial production, although the main event traders are keeping an eye on is the Australian annual budget, to be released later at 7:30pm Sydney time.
AUD/USD technicals
Valeria Bednarik, Chief Analyst at FXStreet.com, notes: "The hourly chart shows price right below a flat 20 SMA and indicators also flat in neutral territory, showing no clear direction at the time being."
"In the 4 hours chart technical readings present a bearish tone with momentum crossing its 100 level to the downside and price struggling around a flat 20 SMA. A price acceleration below 0.9340 should expose the pair to a test of the 0.9300 figure, while only above 0.9410 bulls may take full control of the pair", Bednarik added.
Risk events for today include Australian home loans, a dump of Chinese data, including retail sales and industrial production, although the main event traders are keeping an eye on is the Australian annual budget, to be released later at 7:30pm Sydney time.
AUD/USD technicals
Valeria Bednarik, Chief Analyst at FXStreet.com, notes: "The hourly chart shows price right below a flat 20 SMA and indicators also flat in neutral territory, showing no clear direction at the time being."
"In the 4 hours chart technical readings present a bearish tone with momentum crossing its 100 level to the downside and price struggling around a flat 20 SMA. A price acceleration below 0.9340 should expose the pair to a test of the 0.9300 figure, while only above 0.9410 bulls may take full control of the pair", Bednarik added.