17 Oct 2013
he RBA outlook is not the only driver the A$. Risk sentiment remains a potent driver, as does the outlook for commodity markets and the Australian economy. Clearly, the move to reopen the US governmen
FXstreet.com (Edinburgh) -The Aussie dollar is extending its weekly rally, taking the AUD/USD well beyond 0.9500 the figure and keeping the buying interest alive.
AUD/USD in multi-month highs
The pair keeps the trade in the upper end of the band around 0.9550, levels last seen in June, amidst selling interest now surrounding the greenback. On the broader picture, the pair continues to retrace the deep pullback from the vicinity of 1.0600 at the start of the year to sub-0.8900 levels printed in August. According to Rob Rennie, Strategist at Westpac, “I remain of the view that we could see further short term strength here. That strength may extend all the way to 0.97… The RBA outlook is not the only driver the A$. Risk sentiment remains a potent driver, as does the outlook for commodity markets and the Australian economy. Clearly, the move to reopen the US government and avert a disastrous default should help risk sentiment yet further”.
AUD/USD key levels
As of writing the pair is up 0.01% at 0.9551 with the next resistance at 0.9569 (76.4% of 0.9792-0.8848) followed by 0.9574 (high Jun.18) and then 0.9641 (high Jun.17). On the flip side, a break below 0.9499 (low Oct.16) would bring 0.9476 (low Oct.15) and finally 0.9463 (MA10d).
AUD/USD in multi-month highs
The pair keeps the trade in the upper end of the band around 0.9550, levels last seen in June, amidst selling interest now surrounding the greenback. On the broader picture, the pair continues to retrace the deep pullback from the vicinity of 1.0600 at the start of the year to sub-0.8900 levels printed in August. According to Rob Rennie, Strategist at Westpac, “I remain of the view that we could see further short term strength here. That strength may extend all the way to 0.97… The RBA outlook is not the only driver the A$. Risk sentiment remains a potent driver, as does the outlook for commodity markets and the Australian economy. Clearly, the move to reopen the US government and avert a disastrous default should help risk sentiment yet further”.
AUD/USD key levels
As of writing the pair is up 0.01% at 0.9551 with the next resistance at 0.9569 (76.4% of 0.9792-0.8848) followed by 0.9574 (high Jun.18) and then 0.9641 (high Jun.17). On the flip side, a break below 0.9499 (low Oct.16) would bring 0.9476 (low Oct.15) and finally 0.9463 (MA10d).