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29 Jul 2014
AUD/USD has stalled below 0.9400 resistance
FXStreet (Moscow) - AUD/USD recovered from the Asian low of 0.9391 and settled right below the pivotal resistance of 0.9400 as bulls are not ready for a new assault.
Ray of hope
Aussie did its best to settle above 0.9400 resistance level during quiet Monday session and even managed to finish the day marginally above this pivot. Alas, the AUD/USD bulls’ joy was short-lives as the pair returned to its previous range early on Tuesday. S&P affirmed ratings on Australia at ‘AAA/A-1+, but stressed that the Australian economy is vulnerable and the rating may be revised if the economic imbalanced persist. This news might be regarded as on of the potential factors that encouraged Aussie selling. As the Australian macroeconomic calendar is rather light, the Aussie movements are influenced mostly by technical factors and USD sentiments. It is believed that the American currency is at the start of nascent global upside trend. If this is the case, then AUD/USD bulls won’t be too successful in driving Aussie higher (0.9500 is probably the mid-term limit). But the bears might also have hard time pushing the pair below 0.9330/00, considering global yield hunting frenzy.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9401, with support below at 0.9388, 0.9369 and 0.9356, with resistance above at 0.9420, 0.9433 and 0.9452. Hourly Moving Averages are neutral with the 200SMA flat at 0.9398 and the daily 20EMA flat at 0.9396. Hourly RSI is bearish at 41.
Ray of hope
Aussie did its best to settle above 0.9400 resistance level during quiet Monday session and even managed to finish the day marginally above this pivot. Alas, the AUD/USD bulls’ joy was short-lives as the pair returned to its previous range early on Tuesday. S&P affirmed ratings on Australia at ‘AAA/A-1+, but stressed that the Australian economy is vulnerable and the rating may be revised if the economic imbalanced persist. This news might be regarded as on of the potential factors that encouraged Aussie selling. As the Australian macroeconomic calendar is rather light, the Aussie movements are influenced mostly by technical factors and USD sentiments. It is believed that the American currency is at the start of nascent global upside trend. If this is the case, then AUD/USD bulls won’t be too successful in driving Aussie higher (0.9500 is probably the mid-term limit). But the bears might also have hard time pushing the pair below 0.9330/00, considering global yield hunting frenzy.
What are today’s key AUD/USD levels?
Today's central pivot point can be found at 0.9401, with support below at 0.9388, 0.9369 and 0.9356, with resistance above at 0.9420, 0.9433 and 0.9452. Hourly Moving Averages are neutral with the 200SMA flat at 0.9398 and the daily 20EMA flat at 0.9396. Hourly RSI is bearish at 41.