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6 Jan 2014
AUD/USD a buy on dips?
FXstreet.com (London) - AUD/USD faces most market participants back this week and price action so far has seen the pair capped after taking out stops on Friday.
AUD/USD capped stops were taken out above the 0.90 handle last session on Friday and was selling off to 0.8940. Then, a bounce in Asia was seen as short lived when China PMI Services for December were disappointing to the market with 50.9 vs previous months 52.5. This week comes with a fist full of events which may see the pair push higher should there be further disappointments from the US. So far from the calendar, we have seen US ISM data printing and disappointing at 53 vrs an expectation of 54.6 and below the previous 53.9 while factory orders came in line.
The AUD/USD Levels
The 20 DMA is 0.8940, the 50 DMA is 0.9157 and the 200 DMA is 0.9440. RSI (14) reads 50.69. Supports are 0.8820, 0.8834, 0.8881, 0.8944. Spot is 0.8962 with resistances at 0.9047, 0.9083, 0.9125 and 0.9169.
AUD/USD capped stops were taken out above the 0.90 handle last session on Friday and was selling off to 0.8940. Then, a bounce in Asia was seen as short lived when China PMI Services for December were disappointing to the market with 50.9 vs previous months 52.5. This week comes with a fist full of events which may see the pair push higher should there be further disappointments from the US. So far from the calendar, we have seen US ISM data printing and disappointing at 53 vrs an expectation of 54.6 and below the previous 53.9 while factory orders came in line.
The AUD/USD Levels
The 20 DMA is 0.8940, the 50 DMA is 0.9157 and the 200 DMA is 0.9440. RSI (14) reads 50.69. Supports are 0.8820, 0.8834, 0.8881, 0.8944. Spot is 0.8962 with resistances at 0.9047, 0.9083, 0.9125 and 0.9169.