Today, on May 29th, the US Dollar has already lost a bit of its value against the Australian Dollar. The Aussie became 0,69% stronger against its American counterpart during the Asian trading session. This became possible due to stronger-than-expected economic data from Australia. This made AUDUSD rebound from the support of 0,9202 to hit 0,9285, Market Leader reports.
According the reports published by the Australian Bureau of Statistics, Australian companies expect a decline in the investment inflow next financial year, which is to start in Australia on July 1st, 2014. Still, the investments are expected to shrink by only 12% as compared to the previous forecast of 17,4%. The quarterly figures indicate higher investments in Australian manufacturing facilities and equipment by 2,8% in Q1 2014 as compared to a 9% decline in Q4 2013. Meanwhile, the sales of new homes in Australia boosted by 2,9% m/m.
Forex: AUDUSD
Masterforex-V Academy analysed the H4 chart of AUDUSD to find out the following:
The chart indicates a rally of AUDUSD started on May 2nd from the local low of 0,9202 up to the local high of 0,9408 set on May 14th. Then, after forming a conventional reversing pattern (Head and Shoulders), the price retraced down to 0,9208. The price consolidated within the 0,9208-0,9276 range until this morning when the price finally come out of the range by breaking above the top of the range and the MF sloping channel.
If the price manages to consolidate above those levels (especially above 0,9276), we are likely to witness a further rally up to 0,9316. A break above the level will give way to 0,9370.
Alternatively, if the price fails to consolidate above the top of the range and goes back inside the range, we may well see the price touching 0,9252, followed by a further drop to the bottom of the MF sloping channel. If this is the case, the next level of support is 0,9208
The Binary Option Department of Masterforex-V Academy recommends going long while expecting a move up to 0,9276 if there are corresponding trading signals. The recommended lifetime of the option is 1,5 hours.
