14 May 2014
AUD/USD regains 0.9400
FXStreet (Edinburgh) - The Aussie dollar is extending its intraday upside on Wednesday, pushing the AUD/USD to retake the 0.9400 handle, levels last seen in mid-April.
AUD/USD up on risk-on mode
The better sentiment towards the risk appetite is allowing the current upbeat tone in the pair, backed by positive results in the domestic docket despite recent Chinese poor indicators. In light of the recent Budget numbers and less auspicious Chinese data, FX Strategist Greg Gibbs at RBS commented, “with a tighter budget and weaker Chinese activity data, the AUD’s performance in the last day is impressive. Nevertheless it is consistent with strong global equity markets and broader confidence in the global economy. The market is still running with a benign slowdown view in China and easy global monetary conditions are helping underpin commodity prices more broadly”.
AUD/USD key levels
As of writing the pair is up 0.46% at 0.9403 with the next resistance at 0.9427 (high Apr.11) ahead of 0.9461 (high Apr.10) and then 0.9500 (psychological level). On the flip side, a breakdown of 0.9227 (low Apr.29) would open the door to 0.9225 (low Apr.4) and finally 0.9184 (50-d MA).
AUD/USD up on risk-on mode
The better sentiment towards the risk appetite is allowing the current upbeat tone in the pair, backed by positive results in the domestic docket despite recent Chinese poor indicators. In light of the recent Budget numbers and less auspicious Chinese data, FX Strategist Greg Gibbs at RBS commented, “with a tighter budget and weaker Chinese activity data, the AUD’s performance in the last day is impressive. Nevertheless it is consistent with strong global equity markets and broader confidence in the global economy. The market is still running with a benign slowdown view in China and easy global monetary conditions are helping underpin commodity prices more broadly”.
AUD/USD key levels
As of writing the pair is up 0.46% at 0.9403 with the next resistance at 0.9427 (high Apr.11) ahead of 0.9461 (high Apr.10) and then 0.9500 (psychological level). On the flip side, a breakdown of 0.9227 (low Apr.29) would open the door to 0.9225 (low Apr.4) and finally 0.9184 (50-d MA).