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21 Jun 2013
AUD/USD edging higher towards 0.9250
FXstreet.com (Barcelona) - The AUD/USD is attempting to claw back some losses in Asia, climbing 51 pips and currently changing hands at 0.9245.
China monetary policy action
Eamonn Sheridan at Forex Live provided some thoughts on what may be helping the AUD/USD find a bid during the Asia session. “China’s easing repo rates today given Australian dollar a boost. I nominated 0.9225/35 earlier as resistance in AUD, which we have just popped above - intra-day longs will be tempted to sell into this positive news which should begin then to provide some more resitance around current levels (47/50 as I type), “ Sheridan added
Short term charts attempting to build base
From a technical perspective, the 1 hour chart is attempting to build a base above 0.9160. Short term moving averages are attempting to turn up, which is another positive development. However, the RSI (14) Is consolidating near the 48 level and still maintaining the bearish range between 20 and 60. Due to the mixed signals on the short term charts, it may mean consolidation is due in the coming sessions. To conclude, it should be noted the longer term technical set up remains bearish with any bounce into 0.9340 area offering firm resistance.
China monetary policy action
Eamonn Sheridan at Forex Live provided some thoughts on what may be helping the AUD/USD find a bid during the Asia session. “China’s easing repo rates today given Australian dollar a boost. I nominated 0.9225/35 earlier as resistance in AUD, which we have just popped above - intra-day longs will be tempted to sell into this positive news which should begin then to provide some more resitance around current levels (47/50 as I type), “ Sheridan added
Short term charts attempting to build base
From a technical perspective, the 1 hour chart is attempting to build a base above 0.9160. Short term moving averages are attempting to turn up, which is another positive development. However, the RSI (14) Is consolidating near the 48 level and still maintaining the bearish range between 20 and 60. Due to the mixed signals on the short term charts, it may mean consolidation is due in the coming sessions. To conclude, it should be noted the longer term technical set up remains bearish with any bounce into 0.9340 area offering firm resistance.