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17 Feb 2014
AUD/USD erases intraday gains
FXStreet (Córdoba) - The AUD/USD came under pressure and retraced some of its recent gains after failing once again to break above the 0.9070 resistance area.
The AUD/USD gapped to the upside at the weekly opening underpinned by solid Chinese lending data, but lacked momentum to decisively break above 0.9070 and pulled back, having touched a low of 0.9020 during the European session. In the absence of data and with the US on national holiday, trading will likely remain subdued with majors consolidating in familiar ranges.
AUD/USD levels to watch
At time of writing, the AUD/USD is trading at the 0.9035 zone, 0.3% below its opening price. In terms of technical levels, the AUD/USD could find immediate supports at 0.9022 (Feb 17 low), 0.9014 (100-hour SMA) and 0.9000 (psychological level). On the other hand, resistances are seen at 0.9068 (Feb 17 high), 0.9085 (Jan 13 high) and 0.9100 (psychological level).
The AUD/USD gapped to the upside at the weekly opening underpinned by solid Chinese lending data, but lacked momentum to decisively break above 0.9070 and pulled back, having touched a low of 0.9020 during the European session. In the absence of data and with the US on national holiday, trading will likely remain subdued with majors consolidating in familiar ranges.
AUD/USD levels to watch
At time of writing, the AUD/USD is trading at the 0.9035 zone, 0.3% below its opening price. In terms of technical levels, the AUD/USD could find immediate supports at 0.9022 (Feb 17 low), 0.9014 (100-hour SMA) and 0.9000 (psychological level). On the other hand, resistances are seen at 0.9068 (Feb 17 high), 0.9085 (Jan 13 high) and 0.9100 (psychological level).