2 Jul 2013
AUD/USD extends losses below 0.9200
FXstreet.com (Edinburgh) - The AUD/USD intensifies its intraday decline on Tuesday after a failed attempt to retake the key level at 0.9200.
AUD/USD remains on the back foot
Recall that the RBA left unchanged the refi rate this early morning, although the tone of the subsequent statement was quite dovish, hurting the Aussie. “All eyes were on the Board’s communiqué, where it added two new AUD angles (1) it is possible that the exchange rate “will depreciate further over time” and (2) the effects of the recent depreciation “doesn’t threaten the on-target outlook for inflation”. Given the last set of RBA inflation forecasts were calculated using AUD at $US1.03 this may be an heroic assumption”, commented Jacqui Douglas, Senior Global Strategist at TD Securities.
AUD/USD key levels
At the moment the pair is retreating 0.78% at 0.9165 with the next support at 0.9110 (2013 low Jul.1) ahead of 0.9099 (low Sep.8 2010) and finally 0.9092 (low Sep.7 2010). On the upside, a break above 0.9232 (MA10d) would expose 0.9250 (high Jul.2) and then 0.9253 (high Jul.1).
AUD/USD remains on the back foot
Recall that the RBA left unchanged the refi rate this early morning, although the tone of the subsequent statement was quite dovish, hurting the Aussie. “All eyes were on the Board’s communiqué, where it added two new AUD angles (1) it is possible that the exchange rate “will depreciate further over time” and (2) the effects of the recent depreciation “doesn’t threaten the on-target outlook for inflation”. Given the last set of RBA inflation forecasts were calculated using AUD at $US1.03 this may be an heroic assumption”, commented Jacqui Douglas, Senior Global Strategist at TD Securities.
AUD/USD key levels
At the moment the pair is retreating 0.78% at 0.9165 with the next support at 0.9110 (2013 low Jul.1) ahead of 0.9099 (low Sep.8 2010) and finally 0.9092 (low Sep.7 2010). On the upside, a break above 0.9232 (MA10d) would expose 0.9250 (high Jul.2) and then 0.9253 (high Jul.1).