Back
9 Sep 2015
AUD/USD stalling on data but holds on hourly 200 SMA
FXStreet (Guatemala) - A once better offered AUD/USD in early Asia soon gathered pace to the upside and changed tack with a score through the 200 SMA on the hourly chart and reaching a high of 0.7056.
Westpac Consumer Confidence was a big miss down at -5.6% vs 7.8% previous but there was little reaction as a poorer reading was to be expected after such a strong previous number, the recent turmoil in the markets and prices in commodities. However, the Home Loans data came out missing expectations at 0.3% vs 0.8% and the currency is feeling some initial pressure now at these levels post the release.
AUD/USD has has been a good performer otherwise and was actually up through the 200 SMA on the hourly chart making further advances on the earlier bid throughout Tokyo. The bid theme had been set off by Australian business conditions survey yesterday that sparked a round of short-covering and then the risk-on environment that emerged in late Asia yesterday. The SHCOMP is flat at time of writing following gains of over 2% yesterday while the Nikkei is up 800 above the 18,200 mark up +4.5%.
RBA's Lowe coming up
We now await RBA's deputy, Lowe, speaks at the Committee for Economic Development of Australia event and this should draw some keen attention as he will give an insight to the Australian economy and outlook.
AUD/USD levels
Failures around this key resistance at the 200 SMA on the hourly chart may jepordise further upside ahead of 0.7100 and below the key 0.7448 area, the July 21 high. To the downside, 0.6500 may have psychological importance, looking back on the longer-term charts, there are very little technicals until 0.6000. 0.6850 guards 0.6774 June 2004 low then 0.6280 2009 March lows and also 0.6122/.6010, the 2008 lows.
Westpac Consumer Confidence was a big miss down at -5.6% vs 7.8% previous but there was little reaction as a poorer reading was to be expected after such a strong previous number, the recent turmoil in the markets and prices in commodities. However, the Home Loans data came out missing expectations at 0.3% vs 0.8% and the currency is feeling some initial pressure now at these levels post the release.
AUD/USD has has been a good performer otherwise and was actually up through the 200 SMA on the hourly chart making further advances on the earlier bid throughout Tokyo. The bid theme had been set off by Australian business conditions survey yesterday that sparked a round of short-covering and then the risk-on environment that emerged in late Asia yesterday. The SHCOMP is flat at time of writing following gains of over 2% yesterday while the Nikkei is up 800 above the 18,200 mark up +4.5%.
RBA's Lowe coming up
We now await RBA's deputy, Lowe, speaks at the Committee for Economic Development of Australia event and this should draw some keen attention as he will give an insight to the Australian economy and outlook.
AUD/USD levels
Failures around this key resistance at the 200 SMA on the hourly chart may jepordise further upside ahead of 0.7100 and below the key 0.7448 area, the July 21 high. To the downside, 0.6500 may have psychological importance, looking back on the longer-term charts, there are very little technicals until 0.6000. 0.6850 guards 0.6774 June 2004 low then 0.6280 2009 March lows and also 0.6122/.6010, the 2008 lows.