12 Nov 2013
AUD/USD ready to test 0.9300?
FXstreet.com (Edinburgh) - The Aussie dollar keeps losing ground on Tuesday, now dragging the AUD/USD to the 0.9310/00 region, levels last seen in early October.
AUD/USD correcting from October highs
The selling pressure around the pair re-emerged after being rejected from multi-month highs in the boundaries of 0.9770 during October, losing ground for four consecutive weeks so far amidst renewed concerns regarding China, the persistent easing cycle from the RBA and the recent USD strength. “The AUD-USD is also expected to remain similarly heavy with the latest US labor market numbers contrasting with the more dovish AUD undertones emanating from last Friday’s RBA Quarterly Monetary Statement. If the pair continues to remain submerged below its 55-day MA (0.9387), a drift towards 0.9268 and then 0.9200 going ahead cannot be discounted”, signalled Emmanuel Ng, Strategist at OCBC Bank.
AUD/USD key levels
The pair is now losing 0.43% at 0.9319 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 correcting from October highs
The selling pressure around the pair re-emerged after being rejected from multi-month highs in the boundaries of 0.9770 during October, losing ground for four consecutive weeks so far amidst renewed concerns regarding China, the persistent easing cycle from the RBA and the recent USD strength. “The AUD-USD is also expected to remain similarly heavy with the latest US labor market numbers contrasting with the more dovish AUD undertones emanating from last Friday’s RBA Quarterly Monetary Statement. If the pair continues to remain submerged below its 55-day MA (0.9387), a drift towards 0.9268 and then 0.9200 going ahead cannot be discounted”, signalled Emmanuel Ng, Strategist at OCBC Bank.
AUD/USD key levels
The pair is now losing 0.43% at 0.9319 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).