25 Jun 2014
AUD/USD jumps after US data, holds below 0.9400
FXStreet (Córdoba) - The AUD/USD spiked to fresh daily highs as the greenback weakened broadly following the release of worse-than-expected US data.
The US GDP was revised to -2.9% versus -1.0 previously calculated, marking the biggest decline in 5 years while May durable goods orders fell by 1.0% versus a flat reading forecasted by analyst. Even though economists expect output to bounce in Q2, this is a big setback for the US recovery and might prompt the Fed to adopt a more cautious stance.
The AUD/USD jumped on the data but stalled a few pips shy of the 0.9400 mark. At time of writing, the Aussie is trading at , up % on the day, having scored a high of 0.9397 in recent dealings.
AUD/USD levels to watch
As for technical levels, the AUD/USD could find next resistances at 0.9400 (psychological level) and 0.9430 (Jun 24 high) and 0.9444 (Jun 23 high). On the flip side, supports could be found at 0.9353 (20-day SMA/Jun 25 low), 0.9321 (Jun 18 low/50-day SMA) and 0.9300 (psychological level).
The US GDP was revised to -2.9% versus -1.0 previously calculated, marking the biggest decline in 5 years while May durable goods orders fell by 1.0% versus a flat reading forecasted by analyst. Even though economists expect output to bounce in Q2, this is a big setback for the US recovery and might prompt the Fed to adopt a more cautious stance.
The AUD/USD jumped on the data but stalled a few pips shy of the 0.9400 mark. At time of writing, the Aussie is trading at , up % on the day, having scored a high of 0.9397 in recent dealings.
AUD/USD levels to watch
As for technical levels, the AUD/USD could find next resistances at 0.9400 (psychological level) and 0.9430 (Jun 24 high) and 0.9444 (Jun 23 high). On the flip side, supports could be found at 0.9353 (20-day SMA/Jun 25 low), 0.9321 (Jun 18 low/50-day SMA) and 0.9300 (psychological level).