4 Jul 2013
AUD/USD stalls decline at 0.9080 post Aus construction data
FXstreet.com (Barcelona) - AUD/USD has resumed its slide following subdued construction numbers in Australia, with the exchange rate settling at 0.9085 following the loss of 0.91 at the Tokyo open.
Australian building approval slightly weaker-than-expeccted
Fears were met, and the Australian building approval numbers for May came soft, with the actual data at -1.1% vs -1.5% expected and 9.5% revised prior number. Private house approvals came at +2.5%.
AUD/USD technical reading
In view of Jim Langlands, Founder at FXCharts, "Continue to use the channel as a guide, the parameters of which are now at 0.9345/0.8940, and use rallies to sell into. It is difficult, at this point, to see the top of the channel being reached any time soon and ahead of 0.9345, sellers will arrive at 0.9100 and 0.91500 where minor trend resistance lies. Above here would see an acceleration towards 0.9200 and probably 0.9225 (23.6% of 0.9555/0.9035)."
Australian building approval slightly weaker-than-expeccted
Fears were met, and the Australian building approval numbers for May came soft, with the actual data at -1.1% vs -1.5% expected and 9.5% revised prior number. Private house approvals came at +2.5%.
AUD/USD technical reading
In view of Jim Langlands, Founder at FXCharts, "Continue to use the channel as a guide, the parameters of which are now at 0.9345/0.8940, and use rallies to sell into. It is difficult, at this point, to see the top of the channel being reached any time soon and ahead of 0.9345, sellers will arrive at 0.9100 and 0.91500 where minor trend resistance lies. Above here would see an acceleration towards 0.9200 and probably 0.9225 (23.6% of 0.9555/0.9035)."