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12 Feb 2014
Flash: AUD/USD seeking bids circa 0.90, watch stops below
FXStreet (Bali) - AUD/USD had a pullback ahead of 0.9050 resistance, with the retracement in prices accelerating after disappointing Westpac consumer confidence data in Australia.
AUD/USD solid bids circa 0.90, stops below
Current price is seeking the next cluster of bids, expected to be around 0.9000 with stops reported just below at 0.8995. The Westpac consumer sentiment comes in stark contrast with recent improved readings from the NAB business indexes (conditions/confidence).
Westpac highlighted that it was a surprisingly weak result, with the index falling m/m –3.0% vs –1.7% in January. The main takeaway from the bank was that "households are particularly worried about the future.”
AUD/USD technicals
According to Valeria Bednarik, Chief Analyst at FXStreet: "The hourly chart shows price bouncing from a still bullish 20 SMA albeit indicators diverge some, mostly correcting overbought conditions rather than signaling a reversal in current trend. In the 4 hours chart technical readings maintain a strong bullish tone that suggest further gains are still likely upon a price acceleration beyond 0.9060 immediate resistance."
AUD/USD solid bids circa 0.90, stops below
Current price is seeking the next cluster of bids, expected to be around 0.9000 with stops reported just below at 0.8995. The Westpac consumer sentiment comes in stark contrast with recent improved readings from the NAB business indexes (conditions/confidence).
Westpac highlighted that it was a surprisingly weak result, with the index falling m/m –3.0% vs –1.7% in January. The main takeaway from the bank was that "households are particularly worried about the future.”
AUD/USD technicals
According to Valeria Bednarik, Chief Analyst at FXStreet: "The hourly chart shows price bouncing from a still bullish 20 SMA albeit indicators diverge some, mostly correcting overbought conditions rather than signaling a reversal in current trend. In the 4 hours chart technical readings maintain a strong bullish tone that suggest further gains are still likely upon a price acceleration beyond 0.9060 immediate resistance."