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12 Feb 2014
AUD/USD keeps highs near 0.9070
FXStreet (Edinburgh) - The Aussie dollar is advancing for the third consecutive session so far, pushing the AUD/USD to the area of 4-week highs beyond 0.9060.
AUD/USD backed by Chinese data
The pair reacted positively after stronger than expected trade figures from the Chinese economy showed a wider trade surplus ($31.86 billion) with significant increments in both exports (10.6% YoY) and imports (10.0% YoY) during January. In the domestic data front, Consumer Confidence sponsored by Westpac eased a tad to 100.2 for the month of February vs. 103.3 previous. “Consumer confidence can be fickle and change quickly. This result is consistent with the household sector operating near trend and consistent with RBA on hold”, added Greg Gibbs, FX Strategist at RBS.
AUD/USD levels to watch
The pair is now advancing 0.24% at 0.9065 with the next resistance at 0.9087 (high Jan.13) followed by 0.9100 (psychological level). On the flip side, a breakdown of 0.8907 (low Feb.10) would open the door to 0.8873 (low Feb.5) and finally 0.8730 (low Feb.4).
AUD/USD backed by Chinese data
The pair reacted positively after stronger than expected trade figures from the Chinese economy showed a wider trade surplus ($31.86 billion) with significant increments in both exports (10.6% YoY) and imports (10.0% YoY) during January. In the domestic data front, Consumer Confidence sponsored by Westpac eased a tad to 100.2 for the month of February vs. 103.3 previous. “Consumer confidence can be fickle and change quickly. This result is consistent with the household sector operating near trend and consistent with RBA on hold”, added Greg Gibbs, FX Strategist at RBS.
AUD/USD levels to watch
The pair is now advancing 0.24% at 0.9065 with the next resistance at 0.9087 (high Jan.13) followed by 0.9100 (psychological level). On the flip side, a breakdown of 0.8907 (low Feb.10) would open the door to 0.8873 (low Feb.5) and finally 0.8730 (low Feb.4).