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17 Mar 2014
AUD/USD keeps 0.90-0.9040/50 range
FXStreet (Bali) - AUD/USD continues bottled up in a tight range between 0.90 and 0.9040/50 ahead of the RBA minutes on Tuesday, the FOMC on Wednesday, and on the back of a USD/CNY trading band widening to 2%, causing the rate to initially trade at 0.90 session low before bids towards 0.9035 session highs came back.
AUD/USD technical outlook
Jim Langlands, Founder at FXCharts, notes: "The charts remain somewhat mixed and it looks as though we may be in for another session of rather choppy but directionless trade unless Russian tanks roll into the Ukraine, in which case all bets are off."
"The 100/200 HMA both lie just below the current price, at 0.9015/20 respectively, and it may be that these continue to act as a bit of a magnate. Back below 0.9000 would find buyers at 0.8980, although I don’t see it much under here today unless things get serious in the Ukraine, in which case, we could see a decline towards the recent lows at 0.8925 and below there to the rising trend support/Fibo pivot at around 0.8895", Jim adds.
AUD/USD technical outlook
Jim Langlands, Founder at FXCharts, notes: "The charts remain somewhat mixed and it looks as though we may be in for another session of rather choppy but directionless trade unless Russian tanks roll into the Ukraine, in which case all bets are off."
"The 100/200 HMA both lie just below the current price, at 0.9015/20 respectively, and it may be that these continue to act as a bit of a magnate. Back below 0.9000 would find buyers at 0.8980, although I don’t see it much under here today unless things get serious in the Ukraine, in which case, we could see a decline towards the recent lows at 0.8925 and below there to the rising trend support/Fibo pivot at around 0.8895", Jim adds.