23 Aug 2013
AUD/USD testing 0.9000 handle
FXstreet.com (Barcelona) - AUD/USD is testing the 0.9000 handle to the downside
AUD/USD has been a quiet play over Thursday NA and into Fridays Asian closing markets for the week. The pair has been handed over to the European session having played a tight range between 0.9000 and 0.9040 territory. The pair has been offered over night. Its been a very quiet end to the week in Asia-Pac, with next to no catalyst in terms of data or events. The week ahead specifically for Australia events ,we have Construction work done (Q2), Real capex (Q2) , Capex intentions 2013/14 and to finish up we will see Private credit (Jul). For the US, GDP will come into focus and consumer sentiment at the end of the week.
AUD/USD side-lined
Axel Rudolph, Senior Technical Analyst at Commerzbank said the AUD/USD’s decline over the past few days has taken it to below the mid-July low at .8999 and the breached downtrend channel line at .8945, to .8932, before recovering. He said, should the latter level give way, the August low at .8849 will be back in play. “Over the next few days a bounce should be seen instead. Longer term we will remain negative while below key resistance at .9388/.9404 (2011 low and 2009 high) with our downside target being seen at .8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is .7700. Medium term, while capped by resistance at .9232/.9319 (July and current August high), our downside bias will remain in place”.
AUD/USD has been a quiet play over Thursday NA and into Fridays Asian closing markets for the week. The pair has been handed over to the European session having played a tight range between 0.9000 and 0.9040 territory. The pair has been offered over night. Its been a very quiet end to the week in Asia-Pac, with next to no catalyst in terms of data or events. The week ahead specifically for Australia events ,we have Construction work done (Q2), Real capex (Q2) , Capex intentions 2013/14 and to finish up we will see Private credit (Jul). For the US, GDP will come into focus and consumer sentiment at the end of the week.
AUD/USD side-lined
Axel Rudolph, Senior Technical Analyst at Commerzbank said the AUD/USD’s decline over the past few days has taken it to below the mid-July low at .8999 and the breached downtrend channel line at .8945, to .8932, before recovering. He said, should the latter level give way, the August low at .8849 will be back in play. “Over the next few days a bounce should be seen instead. Longer term we will remain negative while below key resistance at .9388/.9404 (2011 low and 2009 high) with our downside target being seen at .8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is .7700. Medium term, while capped by resistance at .9232/.9319 (July and current August high), our downside bias will remain in place”.