Back
12 Aug 2013
AUD/USD stabilizing around 0.9180
FXstreet.com (Edinburgh) -After bottoming out around 0.9130, the AUD/USD managed to climb back to the area of 0.9180 on Monday helped by a weaker momentum around the USD.
AUD/USD retracing gains
The pair is giving away part of last week’s strong gains, advancing from multi-year lows around 0.8850 to Friday’s tops in the vicinity of 0.9220. With Chinese data in the rear mirror, focus is now on this week’s gauges of consumer confidence by NAB and Westpac. In the opinion of Sean Callow, Strategist at Westpac, “AUD/USD seems set for further reprieve near term, with the RBA rate cut accompanied by a neutral near term outlook, commodity prices bouncing and spec positioning stretched. AUD/USD should extend recent gains to the 0.9300/50 region into late Aug. Further out however, Australia’s very sluggish economy should keep a lid on Australian yields and AUD, though 0.8850 is likely to hold multi-week”.
AUD/USD critical levels
At the moment the pair is losing 0.23% at 0.9169 with the initial support at 0.9135 (high Aug.8) followed by 0.9123 (MA21d) and then 0.9087 (low Aug.9). On the upside, a surpass of 0.9221 (high Aug.12) would bring 0.9227 (low Jul.26) and then 0.9257 (23.6% of 1.0583-0.8840).
AUD/USD retracing gains
The pair is giving away part of last week’s strong gains, advancing from multi-year lows around 0.8850 to Friday’s tops in the vicinity of 0.9220. With Chinese data in the rear mirror, focus is now on this week’s gauges of consumer confidence by NAB and Westpac. In the opinion of Sean Callow, Strategist at Westpac, “AUD/USD seems set for further reprieve near term, with the RBA rate cut accompanied by a neutral near term outlook, commodity prices bouncing and spec positioning stretched. AUD/USD should extend recent gains to the 0.9300/50 region into late Aug. Further out however, Australia’s very sluggish economy should keep a lid on Australian yields and AUD, though 0.8850 is likely to hold multi-week”.
AUD/USD critical levels
At the moment the pair is losing 0.23% at 0.9169 with the initial support at 0.9135 (high Aug.8) followed by 0.9123 (MA21d) and then 0.9087 (low Aug.9). On the upside, a surpass of 0.9221 (high Aug.12) would bring 0.9227 (low Jul.26) and then 0.9257 (23.6% of 1.0583-0.8840).