25 Sep 2013
AUD/USD is falling as “debt-ceiling” issue looms out
FXstreet.com (Athens)- The AUD/USD is moving downwards since the early opening in Asian trading session, mainly to RBA comments and to the emerging “debt-ceiling” issue, both hurting the risk-appetite.
The post-FOMC “risk-on” party is over; the “Aussie” is wounded mainly on RBA comments
The AUD/USD is losing significant ground since the early opening in the Asian trading session, as RBA superior officials stated earlier that “the Australian currency's decline will support some trade-sensitive sectors.” Also apart from new rumors regarding the new series of “tapering”, the “Octotaper”, the emerging huge problem of debt-ceiling is looming out again. Elaborating on, Treasury Secretary Lew said that “market calm over debt limit is greater than it should be.” Furthermore, he mentioned “that middle of October for an end of borrowing ability, Obama won't negotiate over debt limit.”
Technical Analysis and Strategic Bias on AUD/USD
Karen Jones, Head Technical Analyst at Commerzbank suggests that the “AUD/USD is consolidating at the Fibonacci resistance at 0.9510. AUD/USD is consolidating its move higher following its recent break of key resistance at .9388/.9404 (2011 low and 2009 high).While it is likely to consolidate here, it needs to hold over the initial Fibonacci support at .9375 to remain remain bid. Failure here will imply a loss of momentum and potential for a slide back to the .9153 55 day ma. Immediate resistance is the .9580 May 2012 low and then the .9665 June high and the .9715 50% retracement of the move down from April.
The post-FOMC “risk-on” party is over; the “Aussie” is wounded mainly on RBA comments
The AUD/USD is losing significant ground since the early opening in the Asian trading session, as RBA superior officials stated earlier that “the Australian currency's decline will support some trade-sensitive sectors.” Also apart from new rumors regarding the new series of “tapering”, the “Octotaper”, the emerging huge problem of debt-ceiling is looming out again. Elaborating on, Treasury Secretary Lew said that “market calm over debt limit is greater than it should be.” Furthermore, he mentioned “that middle of October for an end of borrowing ability, Obama won't negotiate over debt limit.”
Technical Analysis and Strategic Bias on AUD/USD
Karen Jones, Head Technical Analyst at Commerzbank suggests that the “AUD/USD is consolidating at the Fibonacci resistance at 0.9510. AUD/USD is consolidating its move higher following its recent break of key resistance at .9388/.9404 (2011 low and 2009 high).While it is likely to consolidate here, it needs to hold over the initial Fibonacci support at .9375 to remain remain bid. Failure here will imply a loss of momentum and potential for a slide back to the .9153 55 day ma. Immediate resistance is the .9580 May 2012 low and then the .9665 June high and the .9715 50% retracement of the move down from April.