28 Nov 2014
AUD/USD regains 0.8500
FXStreet (Edinburgh) - After hitting multi-year lows in sub-0.8500 levels, AUD/USD is now attempting to assault the 0.8510/15 band.
AUD/USD weaker on risk aversion
The greenback is increasing its presence at the end of the week, being the best performer in the G10 space once again. Spot briefly traded in levels last seen in July 2010 around 0.8490/85, although it is now looking to extend the rebound beyond the 0.8500 handle. In the data front, Private Sector Credit in Oz expanded 0.6% on a monthly basis during October, taking the annualized reading to 5.7%. in the opinion of Emmanuel Ng, FX Strategist at OCBC Bank, “Going ahead, expect a decidedly more bearish tone to take root if 0.8500 is violated”.
AUD/USD key levels
At the moment the pair is losing 0.49% at 0.8508 and a breakdown of 0.8480 (low Nov.26) would expose 0.8450 (low Jul.7 2010) and then 0.8315 (low Jul.1 2010). On the other hand, the initial hurdle aligns at 0.8619 (high Nov.25) ahead of 0.8648 (10-d MA) and finally 0.8673 (21-d MA).
AUD/USD weaker on risk aversion
The greenback is increasing its presence at the end of the week, being the best performer in the G10 space once again. Spot briefly traded in levels last seen in July 2010 around 0.8490/85, although it is now looking to extend the rebound beyond the 0.8500 handle. In the data front, Private Sector Credit in Oz expanded 0.6% on a monthly basis during October, taking the annualized reading to 5.7%. in the opinion of Emmanuel Ng, FX Strategist at OCBC Bank, “Going ahead, expect a decidedly more bearish tone to take root if 0.8500 is violated”.
AUD/USD key levels
At the moment the pair is losing 0.49% at 0.8508 and a breakdown of 0.8480 (low Nov.26) would expose 0.8450 (low Jul.7 2010) and then 0.8315 (low Jul.1 2010). On the other hand, the initial hurdle aligns at 0.8619 (high Nov.25) ahead of 0.8648 (10-d MA) and finally 0.8673 (21-d MA).