FX News - May 27 2014: AUD/USD Breaks Past 0.9250

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The AUD/USD pair had a fairly good performance during today’s Asian session as it finally showed signs of recovery. It struggled to break past the 0.9250 level since last week, but did so late in yesterday’s US session. The pair spent much of Monday within a very narrow range between the 0.9230 and 0.9250 areas. When today’s Asian session began, it opened at 0.9257 and quickly broke past the 0.9260 area, likely due in part to the increase in the value of iron ore, which is up by 0.6 per cent today. It was unable to retain the level, however, and quickly slid to the 0.9255 zone. It is currently trading at 0.9260, with initial resistance at 0.9256, followed by 0.9279. Meanwhile, initial support is at 0.9234, followed by 0.9210.

Earlier today, the Bank of Japan (BoJ) released the Corporate Service Price Index (CSPI), which measures the prices of services that companies trade. The data showed that it is up by 3.4 per cent for the past 12 months in April, which was higher than the expected 3.3 per cent, and the previous 0.7 per cent.

Despite that, however, the USD/JPY pair is showing no signs of moving past its current level within the 101.90 and 101.98 areas. It made several attempts today to reach the 102.00 zone, but all these were unsuccessful so far. The pair opened the Asian session at 101.91, and peaked at 101.99. It is going on a steep descent at the moment, however, as is currently trading at 101.94. Initial resistance for the pair is at 102.00, followed by 102.26. Meanwhile, initial support is at 101.77, followed by 101.51.

By FX Strategy Team, Published on 27th of May 2014
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