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25 Jul 2014
AUD/USD finds a base ahead of 0.94
FXStreet (Bali) - AUD/USD was unable to sustain gains post China HSBC PMI (18-month high), currently trading circa 0.9420 after finding a base at the 0.9410 line.
Stuart McPhee, Analyst at MarketPulse, notes: "Since the middle of June the Aussie has made repeated attempts to break through the resistance level around 0.9425, however despite its best efforts it was rejected every time as the key level continued to stand tall, even though it has allowed the small excursion to above 0.95."
A second opinion was shared byPeter Fell, Analyst at FXBeat, who said: "There is no economic data in Asia that will drive the market in either direction. Local corporate demand is touted between 9400/10, local importer supply cited between 9430/40. Support seen at 9401, 50% fibo on the 9330/9471 rise, resistance at 9472, bollinger band top."
Stuart McPhee, Analyst at MarketPulse, notes: "Since the middle of June the Aussie has made repeated attempts to break through the resistance level around 0.9425, however despite its best efforts it was rejected every time as the key level continued to stand tall, even though it has allowed the small excursion to above 0.95."
A second opinion was shared byPeter Fell, Analyst at FXBeat, who said: "There is no economic data in Asia that will drive the market in either direction. Local corporate demand is touted between 9400/10, local importer supply cited between 9430/40. Support seen at 9401, 50% fibo on the 9330/9471 rise, resistance at 9472, bollinger band top."