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28 Feb 2014
AUD/USD flat near 0.8960
FXStreet (Edinburgh) - The Aussie dollar recovered the smile after dipping to sub 0.8940 levels overnight, now pushing the AUD/USD back to the positive ground above 0.8960.
AUD/USD capped by 0.8990
The AUD managed to shrug-off the poor Capex figures during the fourth quarter (-5.2%). Spot advanced since Thursday morning, although sellers piled up around 0.8990/0.9000 this morning in Asia sending the pair lower. The Aussie would remain under pressure however, as Chinese Manufacturing PMI gauged by NBS will be released tomorrow, with consensus expecting a small drop to 50.2 in February from 50.5 previous. “The upside impetus for the pair may continue to fade if risk appetite conditions continue to deteriorate in the near term (watch the China PMI headlines over the weekend), although this may be balanced by the more dovish than expected slant from Yellen overnight. Expect support to kick in around the 0.8900 neighborhood in the interim”, commented Emmanuel Ng, Strategist at OCBC Bank.
AUD/USD key levels
At the moment the pair is up 0.03% at 0.8961 with the next resistance at 0.9026 (high Feb.26) followed by 0.9044 (high Feb.25) and then 0.9050 (high Feb.24). On the flip side, a breakdown of 0.8938 (low Feb.24) would open the door to 0.8928 (low Feb.13) and finally 0.8910 (50-d MA).
AUD/USD capped by 0.8990
The AUD managed to shrug-off the poor Capex figures during the fourth quarter (-5.2%). Spot advanced since Thursday morning, although sellers piled up around 0.8990/0.9000 this morning in Asia sending the pair lower. The Aussie would remain under pressure however, as Chinese Manufacturing PMI gauged by NBS will be released tomorrow, with consensus expecting a small drop to 50.2 in February from 50.5 previous. “The upside impetus for the pair may continue to fade if risk appetite conditions continue to deteriorate in the near term (watch the China PMI headlines over the weekend), although this may be balanced by the more dovish than expected slant from Yellen overnight. Expect support to kick in around the 0.8900 neighborhood in the interim”, commented Emmanuel Ng, Strategist at OCBC Bank.
AUD/USD key levels
At the moment the pair is up 0.03% at 0.8961 with the next resistance at 0.9026 (high Feb.26) followed by 0.9044 (high Feb.25) and then 0.9050 (high Feb.24). On the flip side, a breakdown of 0.8938 (low Feb.24) would open the door to 0.8928 (low Feb.13) and finally 0.8910 (50-d MA).