Australia's dollar has hit a fresh 2014 high on growing speculation that China will turbo-charge its slowing economy. The Aussie has been the best performing currency this week. It is continuing its green ticks from last Friday. Traders are hopeful Beijing will accelerate stimulus measures to stabilize its economy. Last week, Chinese authorities approved five railway projects worth 142 billion yuan ($A25.03 billion).
FORECAST
AUD/USD is trading at 0.9221 in Asia's trading session. The pair crossed the crucial resistance zones and got restricted at 200EMA level. Though it crossed the resistance level at 200 EMA (our target of 0.9246), it was unable to close above that. In today's trading session, as of now the pair is trading below the 0.92357 level (200EMA). The next up move will take place when the pair crosses the 200Ema level, and we recommend to buy above 0.92357 for a target at 0.9262. 0.9262 is the 50SMA in the weekly chart. So 0.9262 will act as the next possible target and above that 0.9575 (200EMA) and 0.9757 (October 2013 high) are the ultimate targets. In the weekly chart, RSI is still favoring long side, so we hope some more steam left in this pair towards upside.
On the downside, if the pair is unable to cross the 0.9235 level, we see some correction towards 0.9146, 0.9075, and 0.8994. The major support levels exist at 0.9032 ,0.8963, and 0.8890.
MONTHLY BASIS
S1 0.9137 R1 0.9266
S2 0.9048 R2 0.9575
S3 0.8890 R3 0.9757
INTRADAY- RSI FAVOUR SELL SIDE (2 DAYS PERSPECTIVE)
S1 0.9218 R1 0.9235
S2 0.9163 R2 0.9244
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