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22 Apr 2014
AUD/USD breaks above 0.9350
FXStreet (Bali) - AUD/USD broke above the 0.9340 resistance, allowing the exchange rate to travel further north to post a session high of 0.9358.
The rise, which market sources blame mostly to real money on cross flows, comes ahead of Wednesday's CPI numbers in Australia, a key inputs for the Reserve Bank of Australia that AUD traders will watch closely.
The recent breakout higher has invalidated a downtrend line derived off 0.9423 (April 14 high), with 0.9335/40 now expected to act as support on dips. Failure to hold would expose 0.9315 ahead of 0.93 and 0.9270. On the upside, further progress should see the area 0.9370 up to 0.9390 targeted, with a break above allowing 0.94 and 0.9425.
The rise, which market sources blame mostly to real money on cross flows, comes ahead of Wednesday's CPI numbers in Australia, a key inputs for the Reserve Bank of Australia that AUD traders will watch closely.
The recent breakout higher has invalidated a downtrend line derived off 0.9423 (April 14 high), with 0.9335/40 now expected to act as support on dips. Failure to hold would expose 0.9315 ahead of 0.93 and 0.9270. On the upside, further progress should see the area 0.9370 up to 0.9390 targeted, with a break above allowing 0.94 and 0.9425.