23 Oct 2013
AUD/USD finds support near 0.9650
FXstreet.com (Edinburgh) -A bout of selling pressure around the Aussie dollar has dragged the AUD/USD to fresh intraday lows around 0.9640, although retaking the 0.9650 area afterwards.
AUD/USD weaker on Chinese financials
Rumours of default gyrating around the biggest banks in China have hurt the AUD, sending the pair lower to test sub-0.9640 levels, retracing ground after multi-month peaks on Tuesday in the boundaries of 0.9760.¬¬ In the domestic data front, Australian Consumer Prices rose more than forecasted during the third quarter, 2.2% vs. the median at 1.8%, while QoQ prices rose 1.2%, beating estimates and previous print. In the opinion of Emmanuel Ng, Strategist at OCBC Bank, “In the short term, in spite of our positive stance on the pair, expect some hesitation as the pair confronts its 200-day MA (0.9749) while support is expected on dips toward 0.9680”.
AUD/USD levels to watch
As of writing the pair is retreating 0.64% at 0.9646 with the next support at 0.9604 9low Oct.18) followed by 0.9559 (MA10d) and finally 0.9531 (low Oct.17). On the flip side, a breakout of 0.9680 (high Oct.180 would aim for 0.9753 (MA200d) and finally 0.9765 (high Jun.4).
AUD/USD weaker on Chinese financials
Rumours of default gyrating around the biggest banks in China have hurt the AUD, sending the pair lower to test sub-0.9640 levels, retracing ground after multi-month peaks on Tuesday in the boundaries of 0.9760.¬¬ In the domestic data front, Australian Consumer Prices rose more than forecasted during the third quarter, 2.2% vs. the median at 1.8%, while QoQ prices rose 1.2%, beating estimates and previous print. In the opinion of Emmanuel Ng, Strategist at OCBC Bank, “In the short term, in spite of our positive stance on the pair, expect some hesitation as the pair confronts its 200-day MA (0.9749) while support is expected on dips toward 0.9680”.
AUD/USD levels to watch
As of writing the pair is retreating 0.64% at 0.9646 with the next support at 0.9604 9low Oct.18) followed by 0.9559 (MA10d) and finally 0.9531 (low Oct.17). On the flip side, a breakout of 0.9680 (high Oct.180 would aim for 0.9753 (MA200d) and finally 0.9765 (high Jun.4).