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25 Jul 2014
AUD/USD testing ascending trendline, 0.94 round number
FXStreet (Bali) - AUD/USD is weakening mid Asian session, posting a session low of 0.94 after a 25 pips slide off today's session high at 0.9425.
Despite the latest efforts bu the bulls, the Australian Dollar continues to struggle above the 0.9450 area, with Thursday's China PMI-inspired spike quickly fading. Since the peak posted back on April 10 at 0.9457, all attempts by the Aussie to close past this level on a daily basis have failed, with the exception of July 1st, when a test of 0.95 was vigorously rejected.
Looking at the next key demand/supply imbalances, if the slide keeps its course south, and assuming that an ascending trendline off July 17 through July 22 low can be broken, a cluster of bids should be encountered at 0.9390-0.9380 (point of origin from July 23rd upbeat Aus CPI results) ahead of 0.9365-55. On the upside, bulls need to regain 0.9425, although another noticeable slack of offers is expected circa 0.9435-40 ahead of 0.9445-50.
Despite the latest efforts bu the bulls, the Australian Dollar continues to struggle above the 0.9450 area, with Thursday's China PMI-inspired spike quickly fading. Since the peak posted back on April 10 at 0.9457, all attempts by the Aussie to close past this level on a daily basis have failed, with the exception of July 1st, when a test of 0.95 was vigorously rejected.
Looking at the next key demand/supply imbalances, if the slide keeps its course south, and assuming that an ascending trendline off July 17 through July 22 low can be broken, a cluster of bids should be encountered at 0.9390-0.9380 (point of origin from July 23rd upbeat Aus CPI results) ahead of 0.9365-55. On the upside, bulls need to regain 0.9425, although another noticeable slack of offers is expected circa 0.9435-40 ahead of 0.9445-50.