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28 Mar 2014
AUD/USD finds support near 0.9260
FXStreet (Edinburgh) - The AUD/USD continues to extend its recent rally on Friday, although the up-move seems to have found strong resistance near the 0.9300 handle.
AUD/USD rejected at 0.9300
The pair is closing a very positive month, up almost 4 big-figures from early March troughs around 0.8900 the figure to today’s peaks shy of 0.9300. The renewed neutral stance from the RBA plus better economic results in the domestic economy played a decisive role behind the bull run. With no docket in Oz, traders would look to the US data releases, with Personal Income/Spending and the Reuters/Michigan index taking centre stage. “The current rebound in the AUD has powerfully pushed through key technical levels to suggest a significant bottom in place, breaking above a head and shoulders neck line and 200-day moving average that intersected. Targets for the topside may be .95”, suggested Greg Gibbs, FX Strategist at RBS.
AUD/USD key levels
The pair is now up 0.07% at 0.9265 with the next resistance at 0.9300 (psychological level) ahead of 0.9335 (high Nov.21) and then 0.9338 (61.8% of 0.9760-0.8660). On the flip side, a break below 0.9214 (low Mar.27) would aim for 0.9155 (low Mar.26) and finally 0.9138 (200-d MA).
AUD/USD rejected at 0.9300
The pair is closing a very positive month, up almost 4 big-figures from early March troughs around 0.8900 the figure to today’s peaks shy of 0.9300. The renewed neutral stance from the RBA plus better economic results in the domestic economy played a decisive role behind the bull run. With no docket in Oz, traders would look to the US data releases, with Personal Income/Spending and the Reuters/Michigan index taking centre stage. “The current rebound in the AUD has powerfully pushed through key technical levels to suggest a significant bottom in place, breaking above a head and shoulders neck line and 200-day moving average that intersected. Targets for the topside may be .95”, suggested Greg Gibbs, FX Strategist at RBS.
AUD/USD key levels
The pair is now up 0.07% at 0.9265 with the next resistance at 0.9300 (psychological level) ahead of 0.9335 (high Nov.21) and then 0.9338 (61.8% of 0.9760-0.8660). On the flip side, a break below 0.9214 (low Mar.27) would aim for 0.9155 (low Mar.26) and finally 0.9138 (200-d MA).