Back
14 Mar 2014
AUD/USD spikes to 0.9050
FXStreet (Córdoba) - The AUD/USD spiked to fresh highs during the American session in a bout of dollar weakness following disappointing US consumer confidence data.
The AUD/USD extended its recovery from below 0.9000 and reached a high of 0.9049 before losing momentum. At time of writing, the AUD/USD is trading at the 0.9040 zone, still up 0.1% on the day.
AUD/USD technical outlook
"Australian dollar struggles to hold ground against the dollar, unable to move far from the 0.9000 figure. The hourly chart presents a mild bearish tone, as indicators head lower around their midlines while price moves back and forth around a bearish 20 SMA", says Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart however, indicators continue to head higher above their midlines, while price holds above a flat 20 SMA, giving no clear clues on upcoming direction".
Bednarik says the AUD needs to accelerate above 0.9040 to confirm more gains for today.
The AUD/USD extended its recovery from below 0.9000 and reached a high of 0.9049 before losing momentum. At time of writing, the AUD/USD is trading at the 0.9040 zone, still up 0.1% on the day.
AUD/USD technical outlook
"Australian dollar struggles to hold ground against the dollar, unable to move far from the 0.9000 figure. The hourly chart presents a mild bearish tone, as indicators head lower around their midlines while price moves back and forth around a bearish 20 SMA", says Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart however, indicators continue to head higher above their midlines, while price holds above a flat 20 SMA, giving no clear clues on upcoming direction".
Bednarik says the AUD needs to accelerate above 0.9040 to confirm more gains for today.