{"id":8576,"date":"2010-04-14T15:48:35","date_gmt":"2010-04-14T19:48:35","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8576"},"modified":"2010-04-14T15:48:35","modified_gmt":"2010-04-14T19:48:35","slug":"audusd-drives-higher-towards-previous-april-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/14\/audusd-drives-higher-towards-previous-april-highs\/","title":{"rendered":"AUD\/USD Drives Higher Towards Previous April Highs"},"content":{"rendered":"

By Fast Brokers <\/strong>– The Aussie is marching higher, outperforming most major dollar pairs as the risk trade rallies in the wake of solid U.S. economic data.\u00a0 U.S. Retail Sales surpassed analyst expectations while prices remained in check, signaling that even though America\u2019s economic recovery is gaining traction the Fed is unlikely to tighten any time soon.\u00a0 In fact, Fed officials continue to voice their concern regarding the lag in unemployment.\u00a0 Hence, as the timeline for a tighter Fed monetary policy gets extended higher yielding, such as the Aussie, are benefitting.\u00a0 Australia\u2019s consumer confidence came in strong today, a reassuring development considering recent economic data has been disappointing.\u00a0 However, it remains to be seen whether the RBA will have enough confidence in Australia\u2019s recovery to boost rates next month even though most fundamental data points have shrugged lately.\u00a0 All eyes will be on China during tomorrow\u2019s Asia trading session with GDP, CPI, Industrial Production, etc. on the way.\u00a0 Should China\u2019s economic data outperform, this could send the Aussie higher in anticipation of greater demand for Australia\u2019s commodities.\u00a0 On the other hand, any hint of a slowdown in China could weigh on Aussie for the opposite reason.\u00a0 Regardless, tomorrow\u2019s trading session could prove to be an active one considering America will follow with important manufacturing and employment data.\u00a0 Regardless, the risk trade appears to be locked into its uptrend at the moment with the EUR\/USD and Cable breaking out, a positive sign for the Aussie.<\/p>\n

Technically speaking, the Aussie faces technical barriers in the form of precious April highs.\u00a0 As for the downside, the Aussie has multiple uptrend lines serving as technical cushions along with intraday, 4\/12, and 4\/6 lows.\u00a0 Additionally, the psychological .93 level could serve as technical cushion over the near-term.<\/p>\n

Price: .9352
\nResistances: .9359, .9373, .9391, .9403, .9410, .9432
\nSupports: .9342, .9327, .9315, .9289, .9272
\nPsychological: .93, .92, November 2009 highs, April highs and lows<\/p>\n

\"\"<\/a><\/p>\n

(click chart to enlarge)<\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/a><\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The Aussie is marching higher, outperforming most major dollar pairs as the risk trade rallies in the wake of solid U.S. economic data.\u00a0 U.S. Retail Sales surpassed analyst expectations while prices remained in check, signaling that even though America\u2019s economic recovery is gaining traction the Fed is unlikely to tighten any … <\/p>\n

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