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17 Feb 2014
AUD/USD supported in 0.9020
FXStreet (Edinburgh) - Choppy trading for the Aussie dollar at the beginning of the week, with the AUD/USD bouncing off the 0.9020 region.
AUD/USD in red ahead of the RBA
The pair keeps the narrow range, meandering between 0.9020 and 0.9040 as markets focus their attention on the RBA minutes due tomorrow in the Asian session. “Even the disappointingly weak jobs data was not able to derail the short-covering rally, spurred on by the shift in the RBA's stance from its easing bias to neutrality. The next upside target is near $0.9085,which corresponds to the 38.2% retracement of the drop from last October's high near $0.9760 to the recent low about 11 cents below that high and the mid-January high”, observed analysts at BBH.
AUD/USD levels to consider
The pair is now retreating 0.05% at 0.9031 and a breakdown of 0.9000 (psychological level) would target 0.8942 (low Feb.11) and then 0.8907 (low Feb.10). On the flip side, the initial hurdle aligns at 0.9068 (high Feb.12) ahead of 0.9087 (high Jan.13) and finally 0.9152 (high Dec.11).
AUD/USD in red ahead of the RBA
The pair keeps the narrow range, meandering between 0.9020 and 0.9040 as markets focus their attention on the RBA minutes due tomorrow in the Asian session. “Even the disappointingly weak jobs data was not able to derail the short-covering rally, spurred on by the shift in the RBA's stance from its easing bias to neutrality. The next upside target is near $0.9085,which corresponds to the 38.2% retracement of the drop from last October's high near $0.9760 to the recent low about 11 cents below that high and the mid-January high”, observed analysts at BBH.
AUD/USD levels to consider
The pair is now retreating 0.05% at 0.9031 and a breakdown of 0.9000 (psychological level) would target 0.8942 (low Feb.11) and then 0.8907 (low Feb.10). On the flip side, the initial hurdle aligns at 0.9068 (high Feb.12) ahead of 0.9087 (high Jan.13) and finally 0.9152 (high Dec.11).