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14 Aug 2013
AUD/USD, bulls short of breath? Is the ascension over?
FXstreet.com (Chicago) - AUD/USD popped higher earlier today post Westpac Consumer Confidence data but fails to sustain peaks as it extends descend after US data releases and retracement from 0.9160 intraday highs.
At 105.7, the Westpac Consumer Confidence index for August rose compared to a previous 102.1 in Australia. The Australia ASX All Ordinaries closed with 0.01% losses at 5,141.00. In the US, producer price indexes failed to meet expectations at 2.1% (YoY) for July vs. estimates at 2.4%. Similarly, the EiA crude oil stocks change fell to -2.812M from a past -1.320M. Ahead of Fed’s Bullard first speech on Fed’s monetary stimulus continuation, market participants seem bearish, dragging US stocks down.
Technically speaking, the pair trades at 0.9136 between supports at 0.9121 (July 14th highs), 0.9098 (July 10th lows) ahead of 0.9078 (August 7th highs) and resistances at 0.9140 (July 16th lows), 0.9163 (June 19th lows) followed by 0.9191 (July 3rd highs). According to the FXstreet.com trend index, the pair is strongly bullish as the price is above EMA20 and gains add up to 0.29% since the opening of the session.
At 105.7, the Westpac Consumer Confidence index for August rose compared to a previous 102.1 in Australia. The Australia ASX All Ordinaries closed with 0.01% losses at 5,141.00. In the US, producer price indexes failed to meet expectations at 2.1% (YoY) for July vs. estimates at 2.4%. Similarly, the EiA crude oil stocks change fell to -2.812M from a past -1.320M. Ahead of Fed’s Bullard first speech on Fed’s monetary stimulus continuation, market participants seem bearish, dragging US stocks down.
Technically speaking, the pair trades at 0.9136 between supports at 0.9121 (July 14th highs), 0.9098 (July 10th lows) ahead of 0.9078 (August 7th highs) and resistances at 0.9140 (July 16th lows), 0.9163 (June 19th lows) followed by 0.9191 (July 3rd highs). According to the FXstreet.com trend index, the pair is strongly bullish as the price is above EMA20 and gains add up to 0.29% since the opening of the session.