26 Jun 2014
AUD/USD clinches to 0.9400
FXStreet (Edinburgh) - The Aussie dollar is trading in a narrow range on Thursday, taking the AUD/USD to the area of 0.9400 the figure.
AUD/USD boosted by US data
Along with the rest of the risk-associated peers, the AUD was boosted beyond the 0.9400 handle following the poor second revision of the US GDP for the first quarter (-2.9% act.) on Wednesday. Nothing of note data-wise in Oz, although the current upside momentum in spot was propped up by the outperformance of the NZD. “A somewhat soft dollar environment coupled with a resumption of yield seeking behavior may keep the AUD-USD kept aloft in the near term. In the interim, expect the pair to hover between its 55-day MA (0.9331) and 0.9455 up top”, signaled Emmanuel Ng, FX Strategist at ICBC Bank.
AUD/USD levels to watch
At the moment the pair is 0.02% at 0.9405 with the immediate support at 0.9354 (low Jun.25) ahead of 0.9326 (50-d MA) and finally 0.9322 (low Jun.18). On the flip side, a breakout of 0.9408 (high Jun.25) would open the door to 0.9432 (high Jun.24) and then 0.9544 (high Nov.6).
AUD/USD boosted by US data
Along with the rest of the risk-associated peers, the AUD was boosted beyond the 0.9400 handle following the poor second revision of the US GDP for the first quarter (-2.9% act.) on Wednesday. Nothing of note data-wise in Oz, although the current upside momentum in spot was propped up by the outperformance of the NZD. “A somewhat soft dollar environment coupled with a resumption of yield seeking behavior may keep the AUD-USD kept aloft in the near term. In the interim, expect the pair to hover between its 55-day MA (0.9331) and 0.9455 up top”, signaled Emmanuel Ng, FX Strategist at ICBC Bank.
AUD/USD levels to watch
At the moment the pair is 0.02% at 0.9405 with the immediate support at 0.9354 (low Jun.25) ahead of 0.9326 (50-d MA) and finally 0.9322 (low Jun.18). On the flip side, a breakout of 0.9408 (high Jun.25) would open the door to 0.9432 (high Jun.24) and then 0.9544 (high Nov.6).