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31 Mar 2014
Aussie bears take the helm as AUD/USD moves to new lows at 0.9229
FXStreet (Moscow) - AUD/USD is a two-way interest on Monday as the pair has switched from bullish bias to bearish on for the second time during short Asian session; new intraday low is set at 0.9229.
Time to stand and stare?
Aussie was one of the best performers last week. The currency grew four days out of five, broke above two psychologically important levels and came close to the third one (AUD/USD set the Friday’s high at 0.9294). Though the pair is deeply overbought, so the short-term consolidation or even a downside correction seems unavoidable. Australia published quite a number of economic indicators earlier today, including private sector credit and new home sales, which caused the first Aussie spike lower. The pair rebounded quickly, but the bulls did not manage to recover all losses. Ultimately, China growth concerns and technical factors switched it tothe bearish mode again. On the European session the Aussie may be sensitive to geopolitical news, while the US session will bring Yellen speech and Chicago PMI in focus. Technically speaking, 0.9200 is important today. Once it is broken, AUD/USD will move to 0.9187. On the upside the resistance is seen at 0.9253.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9260, with support below at 0.9224, 0.9199 and 0.9163, with resistance above at 0.9285, 0.9321 and 0.9346. Hourly Moving Averages are mostly bullish, with the 200SMA at 0.9146 and the daily 20EMA at 0.9099. Hourly RSI is neutral at 50.
Time to stand and stare?
Aussie was one of the best performers last week. The currency grew four days out of five, broke above two psychologically important levels and came close to the third one (AUD/USD set the Friday’s high at 0.9294). Though the pair is deeply overbought, so the short-term consolidation or even a downside correction seems unavoidable. Australia published quite a number of economic indicators earlier today, including private sector credit and new home sales, which caused the first Aussie spike lower. The pair rebounded quickly, but the bulls did not manage to recover all losses. Ultimately, China growth concerns and technical factors switched it tothe bearish mode again. On the European session the Aussie may be sensitive to geopolitical news, while the US session will bring Yellen speech and Chicago PMI in focus. Technically speaking, 0.9200 is important today. Once it is broken, AUD/USD will move to 0.9187. On the upside the resistance is seen at 0.9253.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9260, with support below at 0.9224, 0.9199 and 0.9163, with resistance above at 0.9285, 0.9321 and 0.9346. Hourly Moving Averages are mostly bullish, with the 200SMA at 0.9146 and the daily 20EMA at 0.9099. Hourly RSI is neutral at 50.