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23 Sep 2013
AUD/USD accelerates on Chinese data pulverizing 0.9440 support
FXstreet.com (Chicago) - AUD/USD stretched higher on Chinese manufacturing data after trading below the 0.94 zone earlier in the day. With a runaway gap, heavy buying is evidenced on light data releases for Australia.
Price action reveals a runaway gap shortly after the release of better than expected Chinese manufacturing data at 51.2 vs. expected 50.1. The pair had oscillated below the 0.94 zone earlier today but managed to extend the primary and secondary bullish trends despite breaking the upward trendline (August 30th) on the short-term – after dip below 0.94. Offered at 0.9402, the pair oscillates between supports aligned at 0.9391 (September 15th highs), 0.9356 (September 11th highs) and 0.9318 (September 10th highs) and resistances aligned at 0.9431 (September 19th lows), 0.9478 (June 10th highs) followed by 0.9523 (September 19th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis.
Price action reveals a runaway gap shortly after the release of better than expected Chinese manufacturing data at 51.2 vs. expected 50.1. The pair had oscillated below the 0.94 zone earlier today but managed to extend the primary and secondary bullish trends despite breaking the upward trendline (August 30th) on the short-term – after dip below 0.94. Offered at 0.9402, the pair oscillates between supports aligned at 0.9391 (September 15th highs), 0.9356 (September 11th highs) and 0.9318 (September 10th highs) and resistances aligned at 0.9431 (September 19th lows), 0.9478 (June 10th highs) followed by 0.9523 (September 19th highs). According to the FXstreet.com trend index, the pair is strongly bearish on one-hour timeframe analysis.