Back
16 Apr 2014
AUD/USD extends the bounce off 0.9330
FXStreet (Edinburgh) - The Aussie dollar is recovering part of the deep sell-off on Wednesday, pushing the AUD/USD back to the vicinity of 0.9380.
AUD/USD firmer on Chinese data
The pair found an excuse to gather traction in the better-than-expected figures from the Chinese docket: the GDP during the first quarter has expanded at an annual pace of 7.4% and 1.4% inter-quarter, while retail sales rose 12.2 YoY in February. However, strategists at UBS commented, “A broad-based US dollar recovery, reforms in China, and ongoing concern about Australia’s receding mining investment boom are likely to weigh on the currency over time. There is every reason to believe that market forces acting alone will be strong enough to take the pair lower, over time, to our end-2014 forecast of 0.85”.
AUD/USD key levels
The pair is now up 0.10% at 0.9370 with the next resistance at 0.9425 (high Apr.15) ahead of 0.9426 (high Apr.14) and then 0.9461 (high Apr.10). On the downside, a breach of 0.9337 (low Apr.15) would expose 0.9300 (psychological level) and finally 0.9263 (low Apr.8).
AUD/USD firmer on Chinese data
The pair found an excuse to gather traction in the better-than-expected figures from the Chinese docket: the GDP during the first quarter has expanded at an annual pace of 7.4% and 1.4% inter-quarter, while retail sales rose 12.2 YoY in February. However, strategists at UBS commented, “A broad-based US dollar recovery, reforms in China, and ongoing concern about Australia’s receding mining investment boom are likely to weigh on the currency over time. There is every reason to believe that market forces acting alone will be strong enough to take the pair lower, over time, to our end-2014 forecast of 0.85”.
AUD/USD key levels
The pair is now up 0.10% at 0.9370 with the next resistance at 0.9425 (high Apr.15) ahead of 0.9426 (high Apr.14) and then 0.9461 (high Apr.10). On the downside, a breach of 0.9337 (low Apr.15) would expose 0.9300 (psychological level) and finally 0.9263 (low Apr.8).