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3 Apr 2014
AUD/USD in lows near 0.9210
FXStreet (Edinburgh) - The AUD is trading on the back footing on Thursday, dragging the AUD/USD to session lows in the 0.9215/10 area.
AUD/USD weaker after data
A mixed bag of data results from China - services PMI showing opposite gauges from HSBC an the official release – in combination with softer retail sales in Australia is weighing on the Aussie dollar, despite the trade surplus widened to $1,2 million during February (vs. A$ 800 million exp.). The pair is thus extending the correction lower from Monday’s peaks near 0.9310, with tomorrow’s US Payrolls as the next risk event facing the pair. “We look for the market to ease back from tough resistance offered by the top of the channel, which lies at .9364 today and the Fibonacci retracement at .9338”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
AUD/USD key levels
The pair is now losing 0.34% at 0.9217 with the next support at 0.9214 (low Mar.27) ahead of 0.9155 (low Mar.26). Oh the flip side, a breakout of 0.9300 (psychological level) would expose 0.9310 (high Apr.1) and finally 0.9335 (high Nov.21).
AUD/USD weaker after data
A mixed bag of data results from China - services PMI showing opposite gauges from HSBC an the official release – in combination with softer retail sales in Australia is weighing on the Aussie dollar, despite the trade surplus widened to $1,2 million during February (vs. A$ 800 million exp.). The pair is thus extending the correction lower from Monday’s peaks near 0.9310, with tomorrow’s US Payrolls as the next risk event facing the pair. “We look for the market to ease back from tough resistance offered by the top of the channel, which lies at .9364 today and the Fibonacci retracement at .9338”, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
AUD/USD key levels
The pair is now losing 0.34% at 0.9217 with the next support at 0.9214 (low Mar.27) ahead of 0.9155 (low Mar.26). Oh the flip side, a breakout of 0.9300 (psychological level) would expose 0.9310 (high Apr.1) and finally 0.9335 (high Nov.21).