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11 Jun 2014
AUD/USD eyes 0.9400 but not ready yet
FXStreet (Córdoba) - The AUD/USD extended gains to a fresh 1-month high Wednesday although it has failed to assault the 0.9400 mark so far.
The AUD/USD hit a higher high of 0.9389, helped by EUR/AUD drop, but lost momentum and pulled back slightly to currently trade at 0.9375, little changed on the day.
Following European Central Bank easing measures that have sent Eurozone yields tumbling, carry trades flows are translating in EUR/AUD selling, which has been underpinning the AUD/USD this week. The EUR/AUD hit a fresh 7-month low of 1.4408 during the Asian session and a break below 1.4400 will probably fuel the selloff, helping the AUD/USD through 0.9400.
AUD/USD levels to watch
If the AUD/USD does break above 0.9400 (psychological level), next resistances could be found at 0.9408 (May 14 high) and 0.9425 (Apr 11 high). On the flip side, supports are seen at 0.9363 (Jun 11 low), 0.9340 (Jun 10 low), 0.9318 (Jun 6 low) and 0.9300 (psychological level).
The AUD/USD hit a higher high of 0.9389, helped by EUR/AUD drop, but lost momentum and pulled back slightly to currently trade at 0.9375, little changed on the day.
Following European Central Bank easing measures that have sent Eurozone yields tumbling, carry trades flows are translating in EUR/AUD selling, which has been underpinning the AUD/USD this week. The EUR/AUD hit a fresh 7-month low of 1.4408 during the Asian session and a break below 1.4400 will probably fuel the selloff, helping the AUD/USD through 0.9400.
AUD/USD levels to watch
If the AUD/USD does break above 0.9400 (psychological level), next resistances could be found at 0.9408 (May 14 high) and 0.9425 (Apr 11 high). On the flip side, supports are seen at 0.9363 (Jun 11 low), 0.9340 (Jun 10 low), 0.9318 (Jun 6 low) and 0.9300 (psychological level).