8 Aug 2013
AUD/USD extends the upside, eyes on 0.9100
FXstreet.com (Edinburgh) - The Aussie dollar is advancing for the fourth consecutive session on Thursday, pushing the AUD/USD to the vicinity of the key resistance at 0.9100.
AUD/USD in multi-day highs
The pair is thus recovering from last week’s sharp sell-off, propped up by the less dovish than expected communiqué from the RBA despite cutting the repo rate to 2.5%. The domestic labour market showed that the jobless rate remained at 5.7% during July, against estimates of 5.8% and despite a 10.2K drop in the employment. “All in all, a soft labour market report, but not materially softer than what’s already factored into RBA and analysts’ thinking. A September rate cut remains unlikely, but the door remains open for another rate cut if the data don’t improve”, commented Alvin Pontoh, Srategist at TD Securities. Chinese trade data surprised investors to the upside, adding to the bullish momentum.
AUD/USD key levels
The pair is now up 0.91% at 0.9084 and a surpass of 0.9100 (high Jul.30) would bring 0.9114 (MA21d) and finally 0.9129 (low Jul.25). On the flip side, support levels align at 0.9050 (low Aug.8) followed by 0.8961 (23.6% of 0.9320-0.8848) and then 0.8944 (high Aug.5).
AUD/USD in multi-day highs
The pair is thus recovering from last week’s sharp sell-off, propped up by the less dovish than expected communiqué from the RBA despite cutting the repo rate to 2.5%. The domestic labour market showed that the jobless rate remained at 5.7% during July, against estimates of 5.8% and despite a 10.2K drop in the employment. “All in all, a soft labour market report, but not materially softer than what’s already factored into RBA and analysts’ thinking. A September rate cut remains unlikely, but the door remains open for another rate cut if the data don’t improve”, commented Alvin Pontoh, Srategist at TD Securities. Chinese trade data surprised investors to the upside, adding to the bullish momentum.
AUD/USD key levels
The pair is now up 0.91% at 0.9084 and a surpass of 0.9100 (high Jul.30) would bring 0.9114 (MA21d) and finally 0.9129 (low Jul.25). On the flip side, support levels align at 0.9050 (low Aug.8) followed by 0.8961 (23.6% of 0.9320-0.8848) and then 0.8944 (high Aug.5).