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3 Jun 2014
AUD/USD in highs, closer to 0.9300
FXStreet (Edinburgh) - The Aussie dollar extends its bullish momentum on Tuesday, now lifting the AUD/USD to session highs in the 0.9285/90 band.
AUD/USD propped up by RBA, data
The AUD found extra wings after the RBA left its policy unchanged in today’s meeting, making no reference to the exchange rate levels and instead acknowledged the firmer domestic conditions. Higher retail sales in April (0.2% MoM) were also supportive of a better sentiment around the Aussie, adding to the bull run. Emmanuel Ng, FX Strategist at OCBC Bank, noted, “the 55-day MA (0.9285) is expected to cap while the nearest floorboard is expected on dips to 0.9200”.
AUD/USD levels to watch
The pair is now advancing 0.40% at 0.9282 with the next resistance at 0.9304 (50-d MA) followed by 0.9321 (high Jun.2) and then 0.9330 (high May 30). On the flip side, a breakdown of 0.9235 (low Jun.2) would expose 0.9210 (low May 29) and finally 0.9208 (low May 21).
AUD/USD propped up by RBA, data
The AUD found extra wings after the RBA left its policy unchanged in today’s meeting, making no reference to the exchange rate levels and instead acknowledged the firmer domestic conditions. Higher retail sales in April (0.2% MoM) were also supportive of a better sentiment around the Aussie, adding to the bull run. Emmanuel Ng, FX Strategist at OCBC Bank, noted, “the 55-day MA (0.9285) is expected to cap while the nearest floorboard is expected on dips to 0.9200”.
AUD/USD levels to watch
The pair is now advancing 0.40% at 0.9282 with the next resistance at 0.9304 (50-d MA) followed by 0.9321 (high Jun.2) and then 0.9330 (high May 30). On the flip side, a breakdown of 0.9235 (low Jun.2) would expose 0.9210 (low May 29) and finally 0.9208 (low May 21).