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4 Jun 2014
AUD/USD supported near 0.9260
FXStreet (Edinburgh) - The Aussie dollar is now extending the rebound to the 0.9275/80 band after the AUD/USD posted fresh intraday lows around 0.9260.
AUD/USD propped up by data
The AUD was boosted in the early Asian trade by very auspicious data from the Australian GDP. The economy from Down Under expended 1.1% QoQ during the first three months of 2014, taking the annual rate at 3.5% with both prints exceeding expectations at 1.0% and 3.3%, respectively. In the view of Jane Foley, Senior Currency Strategist at Rabobank, “Despite the large price swings of 2013, we anticipate that the AUD/USD.92 to 0.93 area will contain most activity on a 3 month view. Taking into consideration the risk stemming from China we favour a modest move lower towards AUD/USD 0.90 by the end of the year”.
AUD/USD levels to consider
As of writing the pair is up 0.07% at 0.9272 with the next resistance at 0.9305 (50-d MA) ahead of 0.9321 (high Jun.2) and then 0.9330 (high May 30). On the flip side, a breakdown of 0.9229 (low Jun.3) would open the door to 0.9210 (low May 29) and finally 0.9208 (low May 21).
AUD/USD propped up by data
The AUD was boosted in the early Asian trade by very auspicious data from the Australian GDP. The economy from Down Under expended 1.1% QoQ during the first three months of 2014, taking the annual rate at 3.5% with both prints exceeding expectations at 1.0% and 3.3%, respectively. In the view of Jane Foley, Senior Currency Strategist at Rabobank, “Despite the large price swings of 2013, we anticipate that the AUD/USD.92 to 0.93 area will contain most activity on a 3 month view. Taking into consideration the risk stemming from China we favour a modest move lower towards AUD/USD 0.90 by the end of the year”.
AUD/USD levels to consider
As of writing the pair is up 0.07% at 0.9272 with the next resistance at 0.9305 (50-d MA) ahead of 0.9321 (high Jun.2) and then 0.9330 (high May 30). On the flip side, a breakdown of 0.9229 (low Jun.3) would open the door to 0.9210 (low May 29) and finally 0.9208 (low May 21).