The AUD/USD pair went on a roll in today’s Asian session after stimulus talks began brewing in China. It began with the editorial at the China Security Journal wherein it suggested that the government might inject more stimulus into the country’s property sector due to the limited room for further easing in its policy. In addition to that, there were no events of note in Australia, except for the speech given by Reserve Bank of Australia (RBA) Deputy Governor Philip Lowe. The speech, however, didn’t have any impact on the AUD/USD pair since Mr Lowe made no mention of the Bank’s economic or monetary policies.
All these helped lift the AUD/USD pair to new highs in 2014 in today’s Asian session. It opened at 0.9126 before immediately peaking at 0.9157. The mood became more mellow as the day progressed, though, as it is currently trading at 0.9128. Initial resistance for the pair is at 0.9194, followed by 0.9217. Meanwhile, initial support is at 0.9091, followed by 0.9068.
The EUR/USD pair has been performing pretty well since yesterday wherein it peaked near the 1.3880 area. While the pair slipped around the 1.3835 area, it has been been able to sustain the level so far, likely due to the market’s anticipation of a number of key events in Europe today. For one’s there’s a trio of events in Germany, which are the IFO Current Assessment, Business Climate, and Expectations for March. And later today (4:00PM GMT), European Central Bank President Mario Draghi will also give a speech.
The pair experienced a minor hiccup late in the Asian session as it slipped around the 1.3826 area, but is currently on its way up again as it is trading at 1.3837. Initial resistance for the pair is at 1.3917, followed by 1.3952. Meanwhile, initial support is at 1.3799, followed by 1.3765.
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