AUD/USD: daily update
There’s divergence on the daily RSI and MACD showing that AUD/USD needs correction up.
Resistance for Aussie lies at $0.9556 (today’s high), $0.9500 (top of the gap), $0.9530, $0.9550 and $0.9600.
Support is at $0.9400 and $0.9387 (an inter-year pivot with the lows of 2011 and the highs of 2009-2010) and 0.9313 (Sep.14 2010 low). Below this level Aussie will target $0.8850 (100-month MA).
AUD/USD is affected by Chinese economic slowdown. This week watch Australian labor market data on Thursday (deterioration’s expected). RBS expects the pair to trade in the $0.9000/8500 range in the coming weeks.
Chart. Daily AUD/USD