25 Oct 2013
AUD/USD back below 0.9600
FXstreet.com (Edinburgh) -The Aussie dollar is trading well into the red territory against the greenback, dragging the AUD/USD back below the 0.9600 handle on Friday.
AUD/USD found support around 0.9580
The pair seems to be well supported in the vicinity of 0.9580/90 although closing the week with losses after three consecutive advances, all framed within the steep recovery from multi-year lows below 0.8800 the figure. No docket in Australia today will leave the pair exposed to the US calendar, with Durable Goods Orders and the Reuters/Michigan index. Analysts at TD Securities observed “Our AUDUSD year-end target of $US0.92 relies on fresh positioning for US Fed tapering, a view we remain with for now, but with waning conviction. Hence we prefer outperformance against the crosses”.
AUD/USD key levels
As of writing the pair is retreating 0.29% at 0.9593 with the immediate support at 0.9527 (low Oct.17) and then 0.9499 (low Oct.16). On the upside, a break above 0.9671 (high Oct.24) would open the door to 0.9716 (50% of 1.0583-0.8848) and finally 0.9744 (MA200d).
AUD/USD found support around 0.9580
The pair seems to be well supported in the vicinity of 0.9580/90 although closing the week with losses after three consecutive advances, all framed within the steep recovery from multi-year lows below 0.8800 the figure. No docket in Australia today will leave the pair exposed to the US calendar, with Durable Goods Orders and the Reuters/Michigan index. Analysts at TD Securities observed “Our AUDUSD year-end target of $US0.92 relies on fresh positioning for US Fed tapering, a view we remain with for now, but with waning conviction. Hence we prefer outperformance against the crosses”.
AUD/USD key levels
As of writing the pair is retreating 0.29% at 0.9593 with the immediate support at 0.9527 (low Oct.17) and then 0.9499 (low Oct.16). On the upside, a break above 0.9671 (high Oct.24) would open the door to 0.9716 (50% of 1.0583-0.8848) and finally 0.9744 (MA200d).