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4 Mar 2013
Forex: AUD/USD holding above 1.0180 on mixed domestic data
Mixed data results coming out of Australia, just released, have brought AUD/USD pair down to print fresh almost 5-month lows at 1.0178 on worse than expected Aus building permits, showing a month to month decline of -2.4% though still year on year higher than previous. On the other hand ANZ job advertisements increased the most in 12 months at a 3% rate month to month, all of which is leaving AUD/USD pretty much unchanged at the moment at 1.0185, down -0.14% for the day so far.
“The hourly chart shows price being caped by 20 SMA as indicators stand below their midlines, although with no strength: price needs to break below 1.0180 immediate support, to attempt a test of 1.0150 area, where buying interest is reported to be aligned,” notes Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “If this last gives up, then, the pair will likely accelerate lower, with parity then at sight for this week. Upward corrective movements may extend up to 1.0270 area, without affecting the dominant bearish trend,” she concludes.
Support levels are seen by Valeria at: 1.0180, 1.0150 and 1.0110, while resistance levels at: 1.0220, 1.0270 and 1.0300.
“The hourly chart shows price being caped by 20 SMA as indicators stand below their midlines, although with no strength: price needs to break below 1.0180 immediate support, to attempt a test of 1.0150 area, where buying interest is reported to be aligned,” notes Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “If this last gives up, then, the pair will likely accelerate lower, with parity then at sight for this week. Upward corrective movements may extend up to 1.0270 area, without affecting the dominant bearish trend,” she concludes.
Support levels are seen by Valeria at: 1.0180, 1.0150 and 1.0110, while resistance levels at: 1.0220, 1.0270 and 1.0300.