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2 Apr 2014
AUD/USD regains 0.9240
FXStreet (Edinburgh) - The Aussie dollar is looking to recover the mid-0.9200s on Wednesday after the AUD/USD dipped to the vicinity of 0.9220 overnight.
AUD/USD weaker after data
Softer-than-expected docket in Oz during February weighed on the pair early in the Asian session, with Building Permits contracting 5.0% inter-month and expanding 23.2% over the last twelve months. “The rally in the AUD since mid-March has been driven by the expectation of easing in China. We believe that that any easing will be aimed at stabilizing growth, rather than super-charging it, and this quantum of easing is priced… Overall we think that the balance of risks favours selling the AUD once again. We recommend selling AUD at USD0.9234 with a stop at USD0.9360”, recommended Daniel Been, Strategist at ANZ.
AUD/USD key levels
The pair is now losing 0.12% at 0.9235 with the next support at 0.9219 (low Mar.31) ahead of 0.9214 (low Mar.27) and then 0.9155 (low Mar.26). On the upside, a breakout of 0.9300 (psychological level) would open the door to 0.9310 9high Apr.1) and finally 0.9335 (high Nov.21).
AUD/USD weaker after data
Softer-than-expected docket in Oz during February weighed on the pair early in the Asian session, with Building Permits contracting 5.0% inter-month and expanding 23.2% over the last twelve months. “The rally in the AUD since mid-March has been driven by the expectation of easing in China. We believe that that any easing will be aimed at stabilizing growth, rather than super-charging it, and this quantum of easing is priced… Overall we think that the balance of risks favours selling the AUD once again. We recommend selling AUD at USD0.9234 with a stop at USD0.9360”, recommended Daniel Been, Strategist at ANZ.
AUD/USD key levels
The pair is now losing 0.12% at 0.9235 with the next support at 0.9219 (low Mar.31) ahead of 0.9214 (low Mar.27) and then 0.9155 (low Mar.26). On the upside, a breakout of 0.9300 (psychological level) would open the door to 0.9310 9high Apr.1) and finally 0.9335 (high Nov.21).