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6 Jun 2014
AUD/USD has settled at minor support of 0.9330
FXStreet (Moscow) - AUD/USD reversed some gains as it is opened at 0.9337 and drifted lower to its current level of 0.9330.
Aussie's fortune depends on NFP
AUD/USD bulls proved that they are not the ones who give up easily. On Thursday the pair returned back above the pivotal level of 0.9300 and thus broke the upper limit of its short-term channel. Now the return to 0.9400 does not seem like some sort of speculative fiction anymore. Though a lot will depend of today’s US Non-farm payrolls data. Disappointing ADP numbers and growing initial claims suggest that investors might feel frustrated with the actual report. In this case the USD selling might take the cross to the initial target of 0.9350. This resistance will be a hard not to crack as it is reinforced by stoops and offers on approach.
What price levels and patterns have to be considered?
Current price is 0.9333, with resistance ahead at 0.9340 (Weekly High), 0.9341 (Daily Open), 0.9342 (Daily High), 0.9348 (Yesterday's High) and 0.9357 (Weekly Classic R1).
Support below can be found at 0.9325 (Daily Low), 0.9320 (Hourly 20 EMA), 0.9315 (Daily Classic PP), 0.9288 (Daily 20 SMA) and 0.9284 (Weekly Classic PP).
Regarding candlestick formations, we can see Doji formation on the 4-hour.
Aussie's fortune depends on NFP
AUD/USD bulls proved that they are not the ones who give up easily. On Thursday the pair returned back above the pivotal level of 0.9300 and thus broke the upper limit of its short-term channel. Now the return to 0.9400 does not seem like some sort of speculative fiction anymore. Though a lot will depend of today’s US Non-farm payrolls data. Disappointing ADP numbers and growing initial claims suggest that investors might feel frustrated with the actual report. In this case the USD selling might take the cross to the initial target of 0.9350. This resistance will be a hard not to crack as it is reinforced by stoops and offers on approach.
What price levels and patterns have to be considered?
Current price is 0.9333, with resistance ahead at 0.9340 (Weekly High), 0.9341 (Daily Open), 0.9342 (Daily High), 0.9348 (Yesterday's High) and 0.9357 (Weekly Classic R1).
Support below can be found at 0.9325 (Daily Low), 0.9320 (Hourly 20 EMA), 0.9315 (Daily Classic PP), 0.9288 (Daily 20 SMA) and 0.9284 (Weekly Classic PP).
Regarding candlestick formations, we can see Doji formation on the 4-hour.