15 Jan 2014
AUD/USD heading towards the 0.86 handle?
FXstreet.com (Guatemala) - AUD/USD is shaping up into a raising wedge formation, possibly indicating a bearish signal.
In the meantime, we are waiting for the unemployment data out of Australia. Jane Foley Senior Currency Strategist at Rabobank explained however, “Even good data are likely to be tempered by concerns over China. While we have maintained for some time the view that the RBA is unlikely to cut rates again this cycle (household debt growth is a concern), we expect the tone of the AUD to remain nervous and see scope for AUD/USD to edge lower towards the 0.86 area later this year”.
AUD/USD Levels
The 20 DMA is 0.8923, the 50 DMA is 0.9083 and the 200 DMA is 0.9388. RSI (14) reads 46.91. Supports are ascending from 0.8770, 0.8820, 0.8834, 0.8864. Spot is 0.8916 while resistances are 0.8956, 0.8971, 0.9009 and 0.9045.
In the meantime, we are waiting for the unemployment data out of Australia. Jane Foley Senior Currency Strategist at Rabobank explained however, “Even good data are likely to be tempered by concerns over China. While we have maintained for some time the view that the RBA is unlikely to cut rates again this cycle (household debt growth is a concern), we expect the tone of the AUD to remain nervous and see scope for AUD/USD to edge lower towards the 0.86 area later this year”.
AUD/USD Levels
The 20 DMA is 0.8923, the 50 DMA is 0.9083 and the 200 DMA is 0.9388. RSI (14) reads 46.91. Supports are ascending from 0.8770, 0.8820, 0.8834, 0.8864. Spot is 0.8916 while resistances are 0.8956, 0.8971, 0.9009 and 0.9045.