18 Jun 2014
AUD/USD clinches highs near 0.9350
FXStreet (Edinburgh) -The Aussie dollar is extending its bounce off session lows near 0.9330, pushing the AUD/USD to test intraday peaks below the 0.9350 level.
AUD/USD eyes on the FOMC
The pair managed to come back from overnight troughs in the 0.9330/25 band although the broader weekly picture shows some sort of consolidation in the lower end of the range, down from peaks above 0.9400 the figure. Data wise in Oz, the CB Leading Indicator for the month of April dropped -0.1% and the Leading Index gauged by Westpac advanced 0.1%. In the view of Emmanuel Ng, FX Strategist at OCBC Bank, “Although the RBA meeting minutes denote a central bank coasting along on neutral, it deftly leaves the door open for a rate cut if circumstances so demand and this may take the edge off the AUD in the very near term. Nonetheless, we’d stay with a supported posture barring a sustained violation of the 0.9300 neighborhood given the search for yield and still sanguine risk appetite environment”.
AUD/USD levels to consider
As of writing the pair is up 0.07% at 0.9345 with the immediate resistance at 0.9404 (high Jun.17) followed by 0.9417 (high Jun.16) and finally 0.9427 (high Jun.13). On the downside, a break below 0.9329 (low Jun.17) would expose 0.9322 (50-d MA) and then 0.9257 (low Jun.5).
AUD/USD eyes on the FOMC
The pair managed to come back from overnight troughs in the 0.9330/25 band although the broader weekly picture shows some sort of consolidation in the lower end of the range, down from peaks above 0.9400 the figure. Data wise in Oz, the CB Leading Indicator for the month of April dropped -0.1% and the Leading Index gauged by Westpac advanced 0.1%. In the view of Emmanuel Ng, FX Strategist at OCBC Bank, “Although the RBA meeting minutes denote a central bank coasting along on neutral, it deftly leaves the door open for a rate cut if circumstances so demand and this may take the edge off the AUD in the very near term. Nonetheless, we’d stay with a supported posture barring a sustained violation of the 0.9300 neighborhood given the search for yield and still sanguine risk appetite environment”.
AUD/USD levels to consider
As of writing the pair is up 0.07% at 0.9345 with the immediate resistance at 0.9404 (high Jun.17) followed by 0.9417 (high Jun.16) and finally 0.9427 (high Jun.13). On the downside, a break below 0.9329 (low Jun.17) would expose 0.9322 (50-d MA) and then 0.9257 (low Jun.5).