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25 Feb 2014
AUD/USD drops to test 0.9000
FXStreet (Edinburgh) - The selling pressure is now intensifying around the AUD, pushing the AUD/USD to challenge the psychological support at 0.9000 on Tuesday.
AUD/USD capped by 0.9040
It seems the pair can’t sustain a bull run beyond 0.9040 today despite the market tone is now favouring the risk-on trade, eroding at the same time part of yesterday’s gains. “Only above .9086 would introduce scope to the 200 day ma at .9200, and the .9228 2013-2014 resistance line”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank. Data wise, the next key event will be Thursday’s release of the Capex, expected to have contracted 1.0% during the fourth quarter ’13.
AUD/USD key levels
At the moment the pair is losing 0.24% at 0.9014 with the immediate support at 0.8938 (low Feb.24) followed by 0.8928 (low Feb.13) and then 0.8907 (low Feb.10). On the flip side, a breakout of 0.9050 (high Feb.24) would expose 0.9081 (high Feb.18) and finally 0.9087 (2014 high Jan.13).
AUD/USD capped by 0.9040
It seems the pair can’t sustain a bull run beyond 0.9040 today despite the market tone is now favouring the risk-on trade, eroding at the same time part of yesterday’s gains. “Only above .9086 would introduce scope to the 200 day ma at .9200, and the .9228 2013-2014 resistance line”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank. Data wise, the next key event will be Thursday’s release of the Capex, expected to have contracted 1.0% during the fourth quarter ’13.
AUD/USD key levels
At the moment the pair is losing 0.24% at 0.9014 with the immediate support at 0.8938 (low Feb.24) followed by 0.8928 (low Feb.13) and then 0.8907 (low Feb.10). On the flip side, a breakout of 0.9050 (high Feb.24) would expose 0.9081 (high Feb.18) and finally 0.9087 (2014 high Jan.13).