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25 Feb 2014
AUD/USD held up at 0.9040
FXStreet (Guatemala) - AUD/USD was favoured during the European and US session, more so in the US, post the China concerns from yesterday’s business. The pair has managed the mid point of the 0.90 handle and was being held up at the end of NA at 0.9040 where we remain currently post Asia turning on the screens.
A US packed calendar this week will drive the pair, but meanwhile we will see the Tokyo open and a positive start may support the days upward trend. Technically, Karen Jones, chief analyst at Commerzbank suggested, “Only above 0.9086 would introduce scope to the 200-day ma at 0.9203, but this is less favoured. We have minor support 0.8930/17, but consider that support at 0.8825 (December low) guards key support at 0.8683/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low)”. Ivan Delgado, the Head of Asian Editors at FXStreet explained in a recent article that trading the range is the way to go. “Now focus is on 0.9080, where we may see either a topside failure to extend the range or a breakout that can potentially lead to 0.9150, next upside target. Any intraday setback, try to understand what is driving it, and if only technical, it could be a good chance to join the ongoing bullish momentum wave to carry prices higher”.
AUD/USD Levels
The 20 DMA is 0.8919, the 50 DMA is 0.8902 and the 200 DMA is 0.9202. RSI (14) reads 64.84. Supports are ascending from 0.8896, 0.8907, 0.8920, 0.8937, and 0.9023. Spot is 0.9044 while resistances are 0.9087 and 0.9169.
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A US packed calendar this week will drive the pair, but meanwhile we will see the Tokyo open and a positive start may support the days upward trend. Technically, Karen Jones, chief analyst at Commerzbank suggested, “Only above 0.9086 would introduce scope to the 200-day ma at 0.9203, but this is less favoured. We have minor support 0.8930/17, but consider that support at 0.8825 (December low) guards key support at 0.8683/0.8660 (the 2011-2014 channel base, the 38.2% retracement of the move from 2001 to 2011 and the recent low)”. Ivan Delgado, the Head of Asian Editors at FXStreet explained in a recent article that trading the range is the way to go. “Now focus is on 0.9080, where we may see either a topside failure to extend the range or a breakout that can potentially lead to 0.9150, next upside target. Any intraday setback, try to understand what is driving it, and if only technical, it could be a good chance to join the ongoing bullish momentum wave to carry prices higher”.
AUD/USD Levels
The 20 DMA is 0.8919, the 50 DMA is 0.8902 and the 200 DMA is 0.9202. RSI (14) reads 64.84. Supports are ascending from 0.8896, 0.8907, 0.8920, 0.8937, and 0.9023. Spot is 0.9044 while resistances are 0.9087 and 0.9169.
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