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17 Mar 2014
AUD/USD in highs, eyes on 0.9070
FXStreet (Edinburgh) - The Aussie dollar is now consolidating the overnight bull run, taking the AUD/USD to the area of session tops near 0.9060/65.
AUD/USD focus on RBA minutes tomorrow
There was no docket in Oz today, with the referendum in Crimea ended up being a non-event, at least in the FX space (recall that over 90% of Crimeans favoured joining to Russia). In another news, the PBoC widened the USD/CNY trading band from +/- 1% to +/- 2%, starting as of today. “Australia’s domestic story is still mostly supportive but trade in the high 0.80s would still be consistent with most fair value estimates. We look for a test of the 50 day moving average, currently 0.8931, then probably lower again multi-day/week”, observed analysts at Westpac Global Strategy Group.
AUD/USD key levels
The pair is now up 0.30% at 0.9055 with the next resistance at 0.9135 (high Mar.7) ahead of 0.9152 (high Dec.11) and then 0.9155 (200-d MA). On the flip side, a breach of 0.8930 (50-d MA) would expose 0.8923 (low Mar.12) and finally 0.8909 (low Mar.4).
AUD/USD focus on RBA minutes tomorrow
There was no docket in Oz today, with the referendum in Crimea ended up being a non-event, at least in the FX space (recall that over 90% of Crimeans favoured joining to Russia). In another news, the PBoC widened the USD/CNY trading band from +/- 1% to +/- 2%, starting as of today. “Australia’s domestic story is still mostly supportive but trade in the high 0.80s would still be consistent with most fair value estimates. We look for a test of the 50 day moving average, currently 0.8931, then probably lower again multi-day/week”, observed analysts at Westpac Global Strategy Group.
AUD/USD key levels
The pair is now up 0.30% at 0.9055 with the next resistance at 0.9135 (high Mar.7) ahead of 0.9152 (high Dec.11) and then 0.9155 (200-d MA). On the flip side, a breach of 0.8930 (50-d MA) would expose 0.8923 (low Mar.12) and finally 0.8909 (low Mar.4).