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31 Mar 2014
AUD/USD bounces off 0.9220
FXStreet (Edinburgh) - The Aussie dollar is now recovering the 0.9230 area after the AUD/USD found support in the proximity of 0.9220.
AUD/USD focus on RBA, China
It will be a very interesting week for the AUD, as the RBA holds its monthly meeting tomorrow following the Chinese manufacturing PMI, all ahead of Friday’s US Payrolls. Expectations for a rate hike towards year-end in Oz plus the upbeat prospects for the domestic economy have pushed the AUD to fresh ytd highs last week, reigniting the optimism amongst traders and the demand for Aussie bonds. Data-wise, New Home Sales tracked by HIA rose 4.6% MoM in February while the Private Sector Credit expanded 0.4% on a monthly basis. According to analysts at BBH, “Early last week it broke above its 200-day moving average (~$0.9140) and has not looked back. It also moved surpassed the 50% retracement of the decline from the late October high near $0.9760. The next target is near $0.9330”.
AUD/USD key levels
The pair is now losing 0.09% at 0.9239 with the next support at 0.9214 (low Mar.27) followed by 0.9155 (low Mar.26) and finally 0.9138 (200-d MA). On the upside, a break above 0.9300 (psychological level) would expose 0.9335 (high Nov.21) and then 0.9338 (61.8% of 0.9760-0.8660).
AUD/USD focus on RBA, China
It will be a very interesting week for the AUD, as the RBA holds its monthly meeting tomorrow following the Chinese manufacturing PMI, all ahead of Friday’s US Payrolls. Expectations for a rate hike towards year-end in Oz plus the upbeat prospects for the domestic economy have pushed the AUD to fresh ytd highs last week, reigniting the optimism amongst traders and the demand for Aussie bonds. Data-wise, New Home Sales tracked by HIA rose 4.6% MoM in February while the Private Sector Credit expanded 0.4% on a monthly basis. According to analysts at BBH, “Early last week it broke above its 200-day moving average (~$0.9140) and has not looked back. It also moved surpassed the 50% retracement of the decline from the late October high near $0.9760. The next target is near $0.9330”.
AUD/USD key levels
The pair is now losing 0.09% at 0.9239 with the next support at 0.9214 (low Mar.27) followed by 0.9155 (low Mar.26) and finally 0.9138 (200-d MA). On the upside, a break above 0.9300 (psychological level) would expose 0.9335 (high Nov.21) and then 0.9338 (61.8% of 0.9760-0.8660).