AUD/USD Breaks Above 0.9172

The Aussie rose to the entry level at 0.9170 and retraced slightly just shy off the first target at 0.9150. The entry coincided with the 78.6% retracement level move from 0.9333 to 0.8581. View original analysis here.

Once the trade was in positive territory, we issued a call to move stop to break even.

Bullish bias remains strong as equity markets continue to rally. Other forces driving up prices include the expectation of positive employment data and Chinese figures due in the Asian session.

Subject to equities, the rally may continue but we suspect profit taking to take effect once all data settles. Although unscheduled for now New loans data from China will be important to the markets. A stronger than expected figure in new loans may strengthen expectations of Chinese tightening which would suppress the Aussie.

Trend:

Weekly : Sideways
Daily: Bullish
Hourly: Bullish

Support & Resistance:

From current levels, 0.9175, the pair finds initial resistance at 0.9213, followed by 0.9280, and 0.9330.

Support to watch is the 0.9164 followed by the 0.9130 level, followed by 0.9050 and 0.9011.