AUDUSD Technical Analysis 2014, 08.06 - 15.06: Ranging Bullish - page 2
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newdigital, 2014.06.13 17:48
AUD/USD: Moves to Two Month High Around 0.9425
After spending a couple of weeks at the end of May trading near and finding support at 0.9220, the Australian dollar has enjoyed a solid surge over over the last couple of weeks. It has not only moved through the key 0.93 level but moved to a resistance level around 0.9425 and in doing so achieved a two month high. The 0.9220 level has repeatedly reinforced its significance as it is again likely to support price should the Australia dollar retreat. Only a month ago the Australian dollar was placing pressure on the resistance level at 0.94 when it was able to poke through for a short period and reach a four week high in the process, however in the last 24 hours it has surpassed those levels and achieved the two week high.
Throughout April and into May the Australian dollar drifted lower from resistance just below 0.95 after reaching a six month high in that area and down to the recent key level at 0.93 before falling lower. During this period the 0.93 level has become very significant as it has provided stiff resistance for some time. The Australian dollar appeared to be well settled around 0.93 which has illustrated the strong resurgence it has experienced throughout this year. For the best part of February and March, the Australian dollar did very little other than continue to trade around the 0.90 level, although at the beginning of March it crept a little lower down to a three week low below 0.89. Towards the end of March however, the Australian dollar surged higher strongly moving to the resistance level at 0.93 before consolidating for a week or so.
For several months either side of the New Year, the Australian dollar established and traded within a narrow range roughly between 0.88 and the previous resistance level at 0.90. Back in January, the Australian dollar was able to rally higher pushing through the resistance at 0.90 to a one month high near 0.91, however it quickly returned to more familiar territory below the resistance levels at 0.90 and 0.88. After showing some resilience in early December moving to a one week high above 0.9150, the AUD/USD spent the next two weeks turning around sharply and falling heavily down to a then three month low close to 0.88.
Australia’s unemployment rate was steady at 5.8 per cent in May, official figures show. The total number of people with jobs fell 4,800 to 11.565 million in May, according to seasonally adjusted figures from the Australian Bureau of Statistics on Thursday. The unemployment rate was expected to reach 5.9 per cent in May, with 10,000 jobs added to the economy, according to an AAP survey of 13 economists. Full-time employment rose 22,200 to 8.068 million in May and part-time employment was down 27,000 to 3.496 million. The participation rate — those who have a job, are looking for work or are ready to start work — fell to 64.6 per cent, from 64.7 per cent in April.
AUD/USD TechnicalDuring the early hours of the Asian trading session on Friday, the AUD/USD is remaining steady around the recent resistance level around 0.9425 after surging higher from around 0.9370 over the last 24 hours. The Australian dollar was in a free-fall for a lot of last year falling close to 20 cents and it has done very well to recover slightly to well above 0.90 again. Current range: trading right around 0.9425.