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21 Apr 2014
AUD/USD bounce off 0.9315
FXStreet (Edinburgh) -After bottoming out in the vicinity of 0.9315, the AUD/USD managed to regain the 0.9330 level, as thin trade prevails on Monday.
AUD/USD correcting from 0.9470
The pair seems to have found decent support in the 0.9320/15 band after hitting multi-month highs near 0.9470 in early April, now looking to consolidate in a narrow range. No data releases from Oz on Easter Monday, while the most relevant event this week will be tomorrow’s inflation figures. “A higher than expected number pushes inflation into an uncomfortably high place and should generate odds of a hikes in the second half of this year, more so in Q4, especially considering the strong housing market. A lower than expected number will push out potential for rate hikes and make the market wonder if it will be a long time indeed before a hike with the still yet to accelerate slowing in resource capital expenditure”, commented Greg Gibbs, FX Trading Strategist at RBS. The Chinese manufacturing PMI sponsored by HSBC will also be of relevance on Tuesday.
AUD/USD key levels
The pair is now losing 0.05% at 0.9333 with the immediate support 0.9300 (psychological level) and then 0.9263 (low Apr.8). On the flip side, a breakout of 0.9425 (high Apr.15) would aim for 0.9427 (high Apr.11) and finally 0.9461 (high Apr.10).
AUD/USD correcting from 0.9470
The pair seems to have found decent support in the 0.9320/15 band after hitting multi-month highs near 0.9470 in early April, now looking to consolidate in a narrow range. No data releases from Oz on Easter Monday, while the most relevant event this week will be tomorrow’s inflation figures. “A higher than expected number pushes inflation into an uncomfortably high place and should generate odds of a hikes in the second half of this year, more so in Q4, especially considering the strong housing market. A lower than expected number will push out potential for rate hikes and make the market wonder if it will be a long time indeed before a hike with the still yet to accelerate slowing in resource capital expenditure”, commented Greg Gibbs, FX Trading Strategist at RBS. The Chinese manufacturing PMI sponsored by HSBC will also be of relevance on Tuesday.
AUD/USD key levels
The pair is now losing 0.05% at 0.9333 with the immediate support 0.9300 (psychological level) and then 0.9263 (low Apr.8). On the flip side, a breakout of 0.9425 (high Apr.15) would aim for 0.9427 (high Apr.11) and finally 0.9461 (high Apr.10).