24 Sep 2013
AUD/USD clings to 0.9400
FXstreet.com (Edinburgh) -The Aussie dollar finds decent support in the boundaries of 0.9400 the figure on Tuesday, with AUD/USD grinding lower after hitting the vicinity of 0.9460 on Monday.
AUD/USD weaker on risk aversion
Last week’s risk rally is dying off, and with it one of the main factors behind the recent upside in the pair while rumours continues to build up regarding the next RBA meeting and the likelihood of another rate cut. According to Westpac Global Strategy Group, “The local calendar will offer no inspiration, leaving AUD/USD driven by the global mood, which we expect to be mostly USD-negative… Multi-day target is 0.9557 (19 June high), 1 month target 0.96. Wild card is US budget & debt negotiations, with risks skewed firmly to the downside for AUD”.
AUD/USD key levels
The pair is now losing 0.14% at 0.9417 with the immediate support at 0.9343 (low Sep.23) followed by 0.9336 (low Sep.18) and finally 0.9330 (MA100d). On the flip side, a breakout of 0.9459 (high Sep.20) would open the door to 0.9524 (high Sep.19) and then 0.9530 (high Sep.18).
AUD/USD weaker on risk aversion
Last week’s risk rally is dying off, and with it one of the main factors behind the recent upside in the pair while rumours continues to build up regarding the next RBA meeting and the likelihood of another rate cut. According to Westpac Global Strategy Group, “The local calendar will offer no inspiration, leaving AUD/USD driven by the global mood, which we expect to be mostly USD-negative… Multi-day target is 0.9557 (19 June high), 1 month target 0.96. Wild card is US budget & debt negotiations, with risks skewed firmly to the downside for AUD”.
AUD/USD key levels
The pair is now losing 0.14% at 0.9417 with the immediate support at 0.9343 (low Sep.23) followed by 0.9336 (low Sep.18) and finally 0.9330 (MA100d). On the flip side, a breakout of 0.9459 (high Sep.20) would open the door to 0.9524 (high Sep.19) and then 0.9530 (high Sep.18).