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12 Jun 2014
AUD/USD tries to hold above 0.9400
FXStreet (Córdoba) - The AUD/USD extended gains Thursday and finally broke above the 0.9400 mark during the European session, although it is struggling to hold above the psychological level.
The AUD/USD rose past May highs and reached a 2-month peak of 0.9413 in recent dealings, as investors turn to high-yielding currencies. The Aussie is currently trading at 0.9407, recording a 2.9% gain since opening, while investors await the next string of US data, including jobless claims and May retail sales.
"The Australian dollar is trying to establish a foothold above $0.9400. The year's high was recorded in April near $0.9460", said the BBH analyst team. "We argue that it is not the so-called commodity status of the dollar-bloc currencies that have underpinned them, but their status as high yielders. While oil prices are firm, (largely geopolitical tensions such as Iraq and Libya) commodity prices are largely flat".
AUD/USD technical levels
As for technical levels, next resistances could be found at 0.9413 (Jun 12 high) and 0.9425 (Apr 11 high) ahead of 0.9460 (2014 high Apr 10). On the flip side, supports are seen at 0.9350 (Jun 12 low), 0.9327 (10-day SMA), 0.9318 (Jun 6 low) and finally 0.9300 (psychological level).
The AUD/USD rose past May highs and reached a 2-month peak of 0.9413 in recent dealings, as investors turn to high-yielding currencies. The Aussie is currently trading at 0.9407, recording a 2.9% gain since opening, while investors await the next string of US data, including jobless claims and May retail sales.
"The Australian dollar is trying to establish a foothold above $0.9400. The year's high was recorded in April near $0.9460", said the BBH analyst team. "We argue that it is not the so-called commodity status of the dollar-bloc currencies that have underpinned them, but their status as high yielders. While oil prices are firm, (largely geopolitical tensions such as Iraq and Libya) commodity prices are largely flat".
AUD/USD technical levels
As for technical levels, next resistances could be found at 0.9413 (Jun 12 high) and 0.9425 (Apr 11 high) ahead of 0.9460 (2014 high Apr 10). On the flip side, supports are seen at 0.9350 (Jun 12 low), 0.9327 (10-day SMA), 0.9318 (Jun 6 low) and finally 0.9300 (psychological level).