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3 Mar 2014
AUD/USD is back above the pivotal 0.8900
FXStreet (Moscow) - AUD/USD is recovering after the drop below 0.8900 (current low is set at 0.8891) triggered by weak final PMI data from China; the pair is trading close to intraday highs at 0.8920.
Heyday for Aussie bears
AUD/USD had a negative second week in a row, which means that the long-term corrective top might be in place and the pair is ready to resume its long term downside trend. Though The Aussie bears need a daily close well below 0.8900 to get the full control over the situation. As long as the pair stays above this level, the consolidative mode will prevail. Its going to be a busy week for the Aussie as there are plenty of both domestic and outside events. Now that the key Asian risk events are behind as, namely a whole bunch os Australian statistics and February China PMI, AUD/USD might see a splash of volatility at the European opening as new players will join the market and react to the news. Later on the market focus will shift onto US Manufacturing ISM. Stronger than expected numbers will support the US dollar across the board as they would suggest more aggressive FED. This will push AUD/USD lower as the relative monetary policy considerations are the primary driving force behind the current market dynamics. Keep an eye on the support of 0.8890 reinforced by stops at 0.8880; once broken, the downside will accelerate to 5 Feb lows at 0.8873. The nearest resistance is seen at current Asian high of 0.8916 and followed by 0.8363.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.8944, with support below at 0.8895, 0.8868 and 0.8819, with resistance above at 0.8971, 0.9020 and 0.9047. Hourly Moving Averages are иуфкшыр, with the 200SMA at 0.8987 and the daily 20EMA at 0.8961. Hourly RSI is neutral at 33.
Heyday for Aussie bears
AUD/USD had a negative second week in a row, which means that the long-term corrective top might be in place and the pair is ready to resume its long term downside trend. Though The Aussie bears need a daily close well below 0.8900 to get the full control over the situation. As long as the pair stays above this level, the consolidative mode will prevail. Its going to be a busy week for the Aussie as there are plenty of both domestic and outside events. Now that the key Asian risk events are behind as, namely a whole bunch os Australian statistics and February China PMI, AUD/USD might see a splash of volatility at the European opening as new players will join the market and react to the news. Later on the market focus will shift onto US Manufacturing ISM. Stronger than expected numbers will support the US dollar across the board as they would suggest more aggressive FED. This will push AUD/USD lower as the relative monetary policy considerations are the primary driving force behind the current market dynamics. Keep an eye on the support of 0.8890 reinforced by stops at 0.8880; once broken, the downside will accelerate to 5 Feb lows at 0.8873. The nearest resistance is seen at current Asian high of 0.8916 and followed by 0.8363.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.8944, with support below at 0.8895, 0.8868 and 0.8819, with resistance above at 0.8971, 0.9020 and 0.9047. Hourly Moving Averages are иуфкшыр, with the 200SMA at 0.8987 and the daily 20EMA at 0.8961. Hourly RSI is neutral at 33.