4 Sep 2013
Flash: AUD/USD, retracement to 0.9020 may prove buying opportunity - NAB
FXstreet.com (Barcelona) - According to NAB Strategists, the main focus today will be AUD GDP at 11.30am Sydney time, with the Bank expecting 0.4% QoQ and 2.3 YoY VS previous 0.6/2.5 and market consensus for 0.6/2.3.
Key Quotes
"The GDP is however back ward looking and to a little outweighed by the RBA rhetoric yesterday. So if we get a low print and have a run towards stop losses around 0.9020, it should prove to be a good buy zone on an intraday basis. Likewise a run towards 0.9100/05 should hold first attempt."
"In the meantime AUD continues to be the victim of position jockeying against this Mid East risk on/risk off scenario. Aud is bid via Aud/Yen risk on buying, and yet it is offered against an overall strong US dollar. Makes for some confusing, choppy price action , that may well continue for some time yet- Technically speaking, we like the break up in Aud/Nzd."
Key Quotes
"The GDP is however back ward looking and to a little outweighed by the RBA rhetoric yesterday. So if we get a low print and have a run towards stop losses around 0.9020, it should prove to be a good buy zone on an intraday basis. Likewise a run towards 0.9100/05 should hold first attempt."
"In the meantime AUD continues to be the victim of position jockeying against this Mid East risk on/risk off scenario. Aud is bid via Aud/Yen risk on buying, and yet it is offered against an overall strong US dollar. Makes for some confusing, choppy price action , that may well continue for some time yet- Technically speaking, we like the break up in Aud/Nzd."