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1 Jul 2014
AUD/USD jumps to 2014 highs
FXStreet (San Francisco) - The dollar weakness is being affecting the AUD/USD performance on Tuesday as the pair is rallying to levels not seen since November 2013 at 0.9485.
Less dovish than expected RBA minutes and a stronger than expected Chinese PMI have been fueling the Aussie throughout the session. Currently, AUD/USD is trading at 0.9480, up 0.50% on the day, having posted a daily high at 0.9488 and low at 0.9414.
The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.
AUD/USD sentiment
"Despite rather benign RBA minutes, Aussie bolted topside as it appeared the market was caught short on the back of dovish expectations," Matt Bacon-Hall comments on AUD/USD. "Noted resistance at 0.9470-80 and bids below 0.9400-10."
If the pair consolidates above previous high of 0.9460, next resistances could be found at 0.9500 (psychological level). On the other hand, supports are now seen at 0.9400 (psychological level), 0.9386 (Jun 30 low/20-day SMA) and 0.9353 (Jun 25 low).
Less dovish than expected RBA minutes and a stronger than expected Chinese PMI have been fueling the Aussie throughout the session. Currently, AUD/USD is trading at 0.9480, up 0.50% on the day, having posted a daily high at 0.9488 and low at 0.9414.
The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.
AUD/USD sentiment
"Despite rather benign RBA minutes, Aussie bolted topside as it appeared the market was caught short on the back of dovish expectations," Matt Bacon-Hall comments on AUD/USD. "Noted resistance at 0.9470-80 and bids below 0.9400-10."
If the pair consolidates above previous high of 0.9460, next resistances could be found at 0.9500 (psychological level). On the other hand, supports are now seen at 0.9400 (psychological level), 0.9386 (Jun 30 low/20-day SMA) and 0.9353 (Jun 25 low).