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3 Oct 2013
AUD/USD pressing against 0.9390 resistance
FXstreet.com (Barcelona) - AUD/USD has caught a bid tone one hour into Tokyo, following China services PMI for September , which came at 55.4 vs 53.9 prior, also being helped by the upgrade in China GDP growth to 7.7% from 7.4% by HSBC.
The AUD/USD is heading back up towards 0.94, a level abandoned on the aftermath of disappointing building permits/trade deficit in Australia on Wednesday, a short-lived decline that follows a strong 150+pips spike earlier in the week, driven by a more neutral RBA monetary policy. Will the AUD/USD manage to regain recent highs?
According to Valeria Bednarik, Chief Analyst at FXstreet.com: "The hourly chart shows upward momentum building up, with indicators heading higher above their midlines and price advancing above 20 SMA. In the 4 hours chart the neutral stance persists, with indicators hovering around their midlines and price around a flat 20 SMA. Price needs to breach 0.9450 static resistance area, to be able to extend its gains towards 0.9520 highs."
The AUD/USD is heading back up towards 0.94, a level abandoned on the aftermath of disappointing building permits/trade deficit in Australia on Wednesday, a short-lived decline that follows a strong 150+pips spike earlier in the week, driven by a more neutral RBA monetary policy. Will the AUD/USD manage to regain recent highs?
According to Valeria Bednarik, Chief Analyst at FXstreet.com: "The hourly chart shows upward momentum building up, with indicators heading higher above their midlines and price advancing above 20 SMA. In the 4 hours chart the neutral stance persists, with indicators hovering around their midlines and price around a flat 20 SMA. Price needs to breach 0.9450 static resistance area, to be able to extend its gains towards 0.9520 highs."