Forex: AUD/USD testing the 1.0400 level
Forex pairs in this Article »
AUD/USD
FXstreet.com (Barcelona) - The AUD has lost its strength against its American counterpart Friday morning during European trading, as the AUDUSD fell to the 1.0400 level and is testing the region presently. As the pair is entrenched in negative territory, the cross has incurred a loss of -0.26% below its opening.
According to the ICN.com Analyst Team, "The AUDUSD dropped again, however it is still stable with a four-hour closing above the 1.0385 level, which keeps the effect of the harmonic formation that is close to a bullish Bat Pattern. We require a four-hour closing above the 1.0440 mark for the positivity to return and that may extend the upside move.
Earlier this morning during overnight trading in Australia, the Producer Price Index (QoQ) came in at only +0.2% in Q4, against a consensus of +0.4%. Moreover, the Producer Price Index (YoY) grew only +1.0% in Q4 vs. estimates calling for an advance of +1.3%.
The ICN.com analysts point to supports at 1.0385, onto 1.0330, and 1.0300. Conversely, a prolonged thrust above the 1.0440 handle will trigger resistances at 1.0500 and 1.0560.
According to the ICN.com Analyst Team, "The AUDUSD dropped again, however it is still stable with a four-hour closing above the 1.0385 level, which keeps the effect of the harmonic formation that is close to a bullish Bat Pattern. We require a four-hour closing above the 1.0440 mark for the positivity to return and that may extend the upside move.
Earlier this morning during overnight trading in Australia, the Producer Price Index (QoQ) came in at only +0.2% in Q4, against a consensus of +0.4%. Moreover, the Producer Price Index (YoY) grew only +1.0% in Q4 vs. estimates calling for an advance of +1.3%.
The ICN.com analysts point to supports at 1.0385, onto 1.0330, and 1.0300. Conversely, a prolonged thrust above the 1.0440 handle will trigger resistances at 1.0500 and 1.0560.
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