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22 Apr 2014
AUD/USD rally falters at 0.9370
FXStreet (Córdoba) - The AUD/USD gathered momentum and rallied from a 2-week low to a 5-day high Tuesday as investors gear up for Australian CPI data Wednesday.
The Aussie is among the best performers today, having risen to a peak of 0.9369 during the European session. However, the AUD/USD found resistance at the 10-day SMA and settled in a range just below, to currently trade at 0.9360, recording a 0.36% gain on the day.
"AUD Q1 CPI (Wed) is expected to jump by at least +0.8%/qtr and +3.2%/yr for headline CPI (as does mkt) and for underlying we expect +0.75%/qtr and +2.9%/yr (as does consensus) followed by a public holiday for ANZAC Day on Fri", says the TD Securities team. "We expect the inflation report to keep the RBA concerned about inflation and contribute to introducing a tightening bias in Q3".
AUD/USD technical levels
In terms of technical levels, if the AUD/USD breaks above 0.9369, next resistances are seen at 0.9389 (Apr 17 high) and 0.9400 (psychological level). On the flip side, supports could be found at 0.9320/15 (Apr 22 low/20-day SMA) and 0.9300 (psychological level).
The Aussie is among the best performers today, having risen to a peak of 0.9369 during the European session. However, the AUD/USD found resistance at the 10-day SMA and settled in a range just below, to currently trade at 0.9360, recording a 0.36% gain on the day.
"AUD Q1 CPI (Wed) is expected to jump by at least +0.8%/qtr and +3.2%/yr for headline CPI (as does mkt) and for underlying we expect +0.75%/qtr and +2.9%/yr (as does consensus) followed by a public holiday for ANZAC Day on Fri", says the TD Securities team. "We expect the inflation report to keep the RBA concerned about inflation and contribute to introducing a tightening bias in Q3".
AUD/USD technical levels
In terms of technical levels, if the AUD/USD breaks above 0.9369, next resistances are seen at 0.9389 (Apr 17 high) and 0.9400 (psychological level). On the flip side, supports could be found at 0.9320/15 (Apr 22 low/20-day SMA) and 0.9300 (psychological level).