18 Jul 2013
AUD/USD finds support around 0.9160
FXstreet.com (Edinburgh) -The weakness around the Aussie dollar is back to the markets, driving the AUD/USD back below 0.9200 the figure from Wednesday’s tops in the vicinity of 0.9300.
AUD/USD bearish resumes
The pair failed again to follow through the solid barrier at 0.9300, being rejected once again to the current area of 0.9170/75. In the domestic docket, Business Confidence sponsored by NAB fell to -1 QoQ for the second quarter, down from 2 previous and adding extra selling pressure to the AUD. “Consensus is now for a weaker currency; IMM spec positioning is at extremes. NAB sees AUD/USD at 0.88 at the end of 2013, and 0.85 in June 2014. We view the present AUD depreciation episode as more akin to sustained 1997 and 2000 moves, as opposed to the short-lived 2002-20012 drops”, assessed the FX Research team at NAB.
AUD/USD key levels
At the moment the pair is down 0.68% at 0.9174 facing the next support at 0.9155 (MA10d) and then 0.9122 (high Jul.15). On the flip side, a break above 0.9292 (high Jul.17) would bring 0.9306 (high Jul.11).
AUD/USD bearish resumes
The pair failed again to follow through the solid barrier at 0.9300, being rejected once again to the current area of 0.9170/75. In the domestic docket, Business Confidence sponsored by NAB fell to -1 QoQ for the second quarter, down from 2 previous and adding extra selling pressure to the AUD. “Consensus is now for a weaker currency; IMM spec positioning is at extremes. NAB sees AUD/USD at 0.88 at the end of 2013, and 0.85 in June 2014. We view the present AUD depreciation episode as more akin to sustained 1997 and 2000 moves, as opposed to the short-lived 2002-20012 drops”, assessed the FX Research team at NAB.
AUD/USD key levels
At the moment the pair is down 0.68% at 0.9174 facing the next support at 0.9155 (MA10d) and then 0.9122 (high Jul.15). On the flip side, a break above 0.9292 (high Jul.17) would bring 0.9306 (high Jul.11).