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6 Mar 2014
AUD/USD on path for this years highs
FXStreet (Guatemala) - AUD/USD strengthened overnight following the release of the stronger than expected Australian retail sales. Retail sales expanded robustly by 1.2%M/M in January providing further evidence that loose RBA monetary policy is helping to stimulate demand.
Karen Jones, chief analyst at Commerzbank, explained that the AUD/USD will need to clear the 0.9079/86 resistance, (the January high and 38.2% retracement of the move down from the end of October) in order to alleviate downside pressure and reassert upside pressure to the 200 day ma at 0.9174 and the 2013-2014 resistance line at 0.9198.
AUD/USD Levels
The 20 DMA is 0.8988, the 50 DMA is 0.8912 and the 200 DMA is 0.9173. RSI (14) reads 78.30. Supports are ascending from 0.8933, 0.8960, 0.8969, 0.8999
and 0.9050. Spot is 0.9087, 0.9100 and 0.9125.
Karen Jones, chief analyst at Commerzbank, explained that the AUD/USD will need to clear the 0.9079/86 resistance, (the January high and 38.2% retracement of the move down from the end of October) in order to alleviate downside pressure and reassert upside pressure to the 200 day ma at 0.9174 and the 2013-2014 resistance line at 0.9198.
AUD/USD Levels
The 20 DMA is 0.8988, the 50 DMA is 0.8912 and the 200 DMA is 0.9173. RSI (14) reads 78.30. Supports are ascending from 0.8933, 0.8960, 0.8969, 0.8999
and 0.9050. Spot is 0.9087, 0.9100 and 0.9125.