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10 Apr 2013
Forex: AUD/USD capped below 1.05, again
FXstreet.com (Barcelona) - For third time since late March, AUD/USD is last at 1.0492, off recent late NY session highs at 1.0509, highest since late January. The pair managed to reverse a weak start of the week in Asia-Pacific past Monday printing weekly lows at 1.0347 triggering few stops below key Fibo support area at 1.0350, to add by now +1.05% gains for the week so far.
Following yesterday's slowing China CPI rate, showing a +2.1% increase when market expectations were at +2.4%, coming from a previous figure of +3.2%, sparkled market's speculation of more easing from PBoC, which along with increasingly less chances of future RBA rate cuts, giving good domestic data in last weeks, specially from the labor field, encouraged Aussie buyers, breaking above previous resistance area of 1.0450.
Ahead of AU Westpac consumer sentiment at 00:30 GMT and tentative China trade balance, immediate resistance to the upside for AUD/USD shows at recent fresh 10-week highs 1.0509, followed by Jan 14 lows at 1.0520, while closest support to the downside lies at March 23 highs 1.0460, and March 25 lows at 1.0430.
Following yesterday's slowing China CPI rate, showing a +2.1% increase when market expectations were at +2.4%, coming from a previous figure of +3.2%, sparkled market's speculation of more easing from PBoC, which along with increasingly less chances of future RBA rate cuts, giving good domestic data in last weeks, specially from the labor field, encouraged Aussie buyers, breaking above previous resistance area of 1.0450.
Ahead of AU Westpac consumer sentiment at 00:30 GMT and tentative China trade balance, immediate resistance to the upside for AUD/USD shows at recent fresh 10-week highs 1.0509, followed by Jan 14 lows at 1.0520, while closest support to the downside lies at March 23 highs 1.0460, and March 25 lows at 1.0430.