12 Nov 2013
AUD/USD tests lows sub-0.9330
FXstreet.com (Edinburgh) -The selling interest seems to be building up around the Aussie dollar, taking the AUD/USD to test the lower band of the intraday range around 0.9330/20.
AUD/USD hurt by data, China
In the domestic data sphere, the Business Confidence index sponsored by NAB fell to 5 for the month of October, down from September’s 12 while Business Conditions stayed put at -4. Another, maybe more significant source of pessimism, would be the fact that China could turn to a more consumer-based economy rather than an export-driven one, which could prompt the RBA to take further measures in order to rebalance the Australian economy. “The market is taking on a more bullish tilt for the USD and a bearish tilt for the AUD. It could extend for some time, even though it is not really backed by recent underlying growth trends or interest rate expectations”, assessed Greg Gibbs, FX Trading Strategist at RBS.
AUD/USD critical levels
The pair is now retreating 0.30% at 0.9332 with the next support at 0.9298 (50% of 0.9280-0.9760) ahead of 0.9280 (low Sep.30) and then 0.9223 (low Sep.13). On the upside, a breakout of 0.9421 (low Nov.1) would open the door to 0.9430 (MA50d) and finally 0.9530 (high Sep.18).
AUD/USD hurt by data, China
In the domestic data sphere, the Business Confidence index sponsored by NAB fell to 5 for the month of October, down from September’s 12 while Business Conditions stayed put at -4. Another, maybe more significant source of pessimism, would be the fact that China could turn to a more consumer-based economy rather than an export-driven one, which could prompt the RBA to take further measures in order to rebalance the Australian economy. “The market is taking on a more bullish tilt for the USD and a bearish tilt for the AUD. It could extend for some time, even though it is not really backed by recent underlying growth trends or interest rate expectations”, assessed Greg Gibbs, FX Trading Strategist at RBS.
AUD/USD critical levels
The pair is now retreating 0.30% at 0.9332 with the next support at 0.9298 (50% of 0.9280-0.9760) ahead of 0.9280 (low Sep.30) and then 0.9223 (low Sep.13). On the upside, a breakout of 0.9421 (low Nov.1) would open the door to 0.9430 (MA50d) and finally 0.9530 (high Sep.18).