AUD/USD testing 0.9330’s resistance level

FXStreet (Guatemala) - AUD/USD is trading at 0.9334, up 0.01% on the day, having posted a daily high at 0.9338 and low at 0.9333.

The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish. AUD/USD has been testing the 0.9330 resistance overnight and ahead of a busy day here in Asia with both the Trade Balance and the RBA meeting due. Valeria Bednarik, chief analyst at FXStreet explained that market expectations are low over the RBA, that switched to neutral/dovish these last few months, so it will take a real hawkish stance to favor the currency, something the Central Bank is far from desiring. “The AUD is overvalued according to their view, and there are little chances they decide to favor it in their monthly meeting”. Bednark went onto say that if price accelerates above current levels, 0.9370 comes next and if sellers don’t appear to halt the rally there, next probable bullish target stands at 0.9420. “Negative news on the other hand, should see the pair quickly approaching 0.9300 while it will be below this last that the pair will be exposed to a continued slide. Technically, a mild bullish tone prevails both in 1 and 4 hours chart, yet with big news in the way, is no time to follow indicators”.

AUD/USD Levels

Spot is presently trading at 0.9336, and next resistance can be seen at 0.9336 (Weekly Classic PP), 0.9370 and 0.9420. Support below can be found at 0.9326 (Hourly 100 SMA), 0.9300, 0.9260 and 0.9220.