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1 Nov 2013
AUD/USD reaches 0.9480 highs on Chinese data
FXstreet.com (Chicago) - AUD/USD strengthened on better than expected Chinese results, fueling the already bullish sentiment across the markets towards the Aussie.
Australia released its producer price index (YoY) at 1.9% vs. past 1.2% and estimates at 1.6%. The AiG performance of MfG index was 53.2 vs. past 51.7. The country continues publishing improving economic results. According to the FXstreet.com analyst, Valeria Bednarik “the AUD/USD early advance was unable to establish above 0.9510 Fibonacci resistance, and after reaching a daily high of 0.9524 the pair turned back south, entering Asian session at its lowest level of the day. The hourly chart maintains a negative tone, with indicators heading south below their midlines, while the 4 hours chart also supports a downward continuation, eyeing 0.9380 for the upcoming hours.”
AUD/USD Technical Levels
Offered at 0.9472, the pair oscillates between the supports aligned at 0.9415 (October 7th lows), 0.9353 (September 11th highs) ahead of 0.9285 (September 30th lows) and the resistances set at 0.9479 (October 12th highs), 0.9523 (September 18th highs) followed by 0.96 (October 23rd lows).
Australia released its producer price index (YoY) at 1.9% vs. past 1.2% and estimates at 1.6%. The AiG performance of MfG index was 53.2 vs. past 51.7. The country continues publishing improving economic results. According to the FXstreet.com analyst, Valeria Bednarik “the AUD/USD early advance was unable to establish above 0.9510 Fibonacci resistance, and after reaching a daily high of 0.9524 the pair turned back south, entering Asian session at its lowest level of the day. The hourly chart maintains a negative tone, with indicators heading south below their midlines, while the 4 hours chart also supports a downward continuation, eyeing 0.9380 for the upcoming hours.”
AUD/USD Technical Levels
Offered at 0.9472, the pair oscillates between the supports aligned at 0.9415 (October 7th lows), 0.9353 (September 11th highs) ahead of 0.9285 (September 30th lows) and the resistances set at 0.9479 (October 12th highs), 0.9523 (September 18th highs) followed by 0.96 (October 23rd lows).