6 Jun 2013
AUD/USD extend the decline below 0.9500
FXstreet.com (Barcelona) - It seems the Aussie dollar can’t find any friends. The AUD is accelerating its fall on Thursday, quickly leaving behind the support at 0.9500 and currently trading around mid 0.94s.
Data wise, the Australian trade balance showed a small surplus of A$28 million in April, sensibly lower that the A$215 million expected. “Our currency strategists are reviewing our AUD forecasts for a potential downgrade, in light of the previous month’s developments. Fair value on the currency has come down and the market is starting to anticipate that the RBA will need to cut interest rates again before too long”, commented Robert Henderson, Strategist at NAB.
AUD/USD is now losing 0.85% at 0.9464 and a breach of 0.9404 (high 2009) would expose 0.9388 (low 2011) and then 0.9381 (high Apr.2010). On the flip side, resistance levels align at 0.9792 (high Jun.3) ahead of 0.9842 (high May 21) and 0.9889 (MA200w).
Data wise, the Australian trade balance showed a small surplus of A$28 million in April, sensibly lower that the A$215 million expected. “Our currency strategists are reviewing our AUD forecasts for a potential downgrade, in light of the previous month’s developments. Fair value on the currency has come down and the market is starting to anticipate that the RBA will need to cut interest rates again before too long”, commented Robert Henderson, Strategist at NAB.
AUD/USD is now losing 0.85% at 0.9464 and a breach of 0.9404 (high 2009) would expose 0.9388 (low 2011) and then 0.9381 (high Apr.2010). On the flip side, resistance levels align at 0.9792 (high Jun.3) ahead of 0.9842 (high May 21) and 0.9889 (MA200w).