Back
22 Apr 2014
AUD/USD keep highs near 0.9370
FXStreet (Edinburgh) - The Aussie dollar remains on the bid camp on Tuesday, taking the AUD/USD from multi-day lows near 0.9310 to current 2-day highs around 0.9350/55.
AUD/USD focus on CPI
While spot is consolidating early gains in the mid-0.9200s, market participants are already turning their attention to the release of inflation figures in Oz due tomorrow. Prior surveys expect consumer prices to have expanded at an annual pace of 3.2% (vs. 2.7% previous) during the first quarter and 0.8% inter-quarter. A higher than expected print would fuel expectations of a rate hike by the RBA towards the year-end and thus give extra wings to the AUD; on the other side, the Aussie might see some selling pressure should CPI come in around more decent figures. “The support highlighted at 0.9310 yesterday held as expected but the lack of any significant rebound suggests sideway trading is likely for today. Expect 0.9310 to 0.9355 range”, observed Quek Ser Leang, Market Strategist at UOB Group.
AUD/USD key levels
The pair is now advancing 0.38% at 0.9363 with the next resistance at 0.9425 (high Apr.15) ahead of 0.9427 (high Apr.11) and finally 0.9461 (high Apr.10). On the flip side, a break below 0.9318 (low Apr.21) would open the door to 0.9300 (psychological level) and then 0.9263 (low Apr.8).
AUD/USD focus on CPI
While spot is consolidating early gains in the mid-0.9200s, market participants are already turning their attention to the release of inflation figures in Oz due tomorrow. Prior surveys expect consumer prices to have expanded at an annual pace of 3.2% (vs. 2.7% previous) during the first quarter and 0.8% inter-quarter. A higher than expected print would fuel expectations of a rate hike by the RBA towards the year-end and thus give extra wings to the AUD; on the other side, the Aussie might see some selling pressure should CPI come in around more decent figures. “The support highlighted at 0.9310 yesterday held as expected but the lack of any significant rebound suggests sideway trading is likely for today. Expect 0.9310 to 0.9355 range”, observed Quek Ser Leang, Market Strategist at UOB Group.
AUD/USD key levels
The pair is now advancing 0.38% at 0.9363 with the next resistance at 0.9425 (high Apr.15) ahead of 0.9427 (high Apr.11) and finally 0.9461 (high Apr.10). On the flip side, a break below 0.9318 (low Apr.21) would open the door to 0.9300 (psychological level) and then 0.9263 (low Apr.8).