23 Jul 2013
AUD/USD extends the correction higher
FXstreet.com (Edinburgh) -After hitting session lows around 0.9230, the Aussie dollar is picking up pace and pushing the AUD/USD to the current area of 0.9260/65.]
AUD/USD trimming losses
The pair is thus paring earlier losses from overnight tops around 0.9290, ahead of key inflation data in Australia due tomorrow. Gareth Berry, FX Strategist at UBS commented, “Our economists think inflationary pressure will be weak enough to trigger a 25bp RBA cut on August 6. Only 17bp of easing is currently priced in, so we expect significant Australian dollar sensitivity to any surprise in either direction”.
AUD/USD levels to watch
At the moment the pair is advancing 0.19% at 0.9267 with the next hurdle at 0.9286 (high Jul.23) ahead of 0.9292 (high Jul.17) and then 0.9301 (38.2% of 0.9792-0.8998). On the downside, a breach of 0.9187 (MA10d) would open the door to 0.9180 (MA21d) and then 0.9175 (low Jul.22).
AUD/USD trimming losses
The pair is thus paring earlier losses from overnight tops around 0.9290, ahead of key inflation data in Australia due tomorrow. Gareth Berry, FX Strategist at UBS commented, “Our economists think inflationary pressure will be weak enough to trigger a 25bp RBA cut on August 6. Only 17bp of easing is currently priced in, so we expect significant Australian dollar sensitivity to any surprise in either direction”.
AUD/USD levels to watch
At the moment the pair is advancing 0.19% at 0.9267 with the next hurdle at 0.9286 (high Jul.23) ahead of 0.9292 (high Jul.17) and then 0.9301 (38.2% of 0.9792-0.8998). On the downside, a breach of 0.9187 (MA10d) would open the door to 0.9180 (MA21d) and then 0.9175 (low Jul.22).