14 Oct 2013
AUD/USD upside stalled around 0.9470
FXstreet.com (Edinburgh) -The Aussie dollar is extending its consolidation pattern around 0.9470 on Monday, pushing the AUD/USD off overnight lows around 0.9430.
AUD/USD firmer on China
The pair dipped to levels near 0.9420 following softer data from the Chinese trade balance figures over the weekend, showing an annual contraction of 0.3% in exports. However, higher than expected Chinese consumer prices released earlier today gave the AUD enough oxygen to leave bottom levels are return to the positive territory near 0.9470. The domestic docket saw a drop of 3.9% in Home Loans during August, ahead of the RBA minutes due tomorrow. “While we continue to see potential to retest last month's high in the $0.9525-30 area, we are more inclined to sell into strength. Our initial target is near $0.9250. That said, a convincing break of last month's cap could see another leg up toward $0.9700”, suggested BBH Global Currency Strategy Team.
AUD/USD technical levels
The pair is now up 0.04% at 0.9472 with the initial resistance at 0.9485 (high Oct.11) followed by 0.9524 (high Sep.19) and then 0.9530 (high Sep.18). On the flip side, a break below 0.9394 (MA21d) would expose 0.9389 (low Oct.7) and finally 0.9367 (low Oct.3).
AUD/USD firmer on China
The pair dipped to levels near 0.9420 following softer data from the Chinese trade balance figures over the weekend, showing an annual contraction of 0.3% in exports. However, higher than expected Chinese consumer prices released earlier today gave the AUD enough oxygen to leave bottom levels are return to the positive territory near 0.9470. The domestic docket saw a drop of 3.9% in Home Loans during August, ahead of the RBA minutes due tomorrow. “While we continue to see potential to retest last month's high in the $0.9525-30 area, we are more inclined to sell into strength. Our initial target is near $0.9250. That said, a convincing break of last month's cap could see another leg up toward $0.9700”, suggested BBH Global Currency Strategy Team.
AUD/USD technical levels
The pair is now up 0.04% at 0.9472 with the initial resistance at 0.9485 (high Oct.11) followed by 0.9524 (high Sep.19) and then 0.9530 (high Sep.18). On the flip side, a break below 0.9394 (MA21d) would expose 0.9389 (low Oct.7) and finally 0.9367 (low Oct.3).