4 Jul 2013
AUD/USD clings to 0.9100
FXstreet.com (Edinburgh) - After dipping to the area of 0.9070, the Aussie dollar managed to gather traction and lift the AUD/USD back above the key level at 0.9100 on Thursday.
AUD/USD bearishness remains intact
In the domestic data front, Building Permits in Australia contracted 3.2% in a year to May and 1.1% on a monthly basis, bettering expectations of a bigger drop. “As mining investment peaks, RBA and Treasury are hoping for a revival in residential construction to help offset mining job losses”, commented Sean Callow, Strategist at Westpac.
AUD/USD levels to watch
At the moment the pair is advancing 0.32% at 0.9117 with the next hurdle at 0.9328/44 (mid-June low) ahead of 0.9388/0.9404 (low 2011) and finally 0.9528 (May low). On the downside, a breach of 0.9038 (low Jul.3) would bring the psychological support at 0.9000 and then 0.8871 (high Jul.2007).
AUD/USD bearishness remains intact
In the domestic data front, Building Permits in Australia contracted 3.2% in a year to May and 1.1% on a monthly basis, bettering expectations of a bigger drop. “As mining investment peaks, RBA and Treasury are hoping for a revival in residential construction to help offset mining job losses”, commented Sean Callow, Strategist at Westpac.
AUD/USD levels to watch
At the moment the pair is advancing 0.32% at 0.9117 with the next hurdle at 0.9328/44 (mid-June low) ahead of 0.9388/0.9404 (low 2011) and finally 0.9528 (May low). On the downside, a breach of 0.9038 (low Jul.3) would bring the psychological support at 0.9000 and then 0.8871 (high Jul.2007).