19 Nov 2013
AUD/USD regains 0.9400
FXstreet.com (Edinburgh) - The Aussie dollar continues to inch higher on Tuesday, lifting the AUD/USD back to the vicinity of the key resistance at 0.9400.
AUD/USD amidst Chinese data and RBA
After briefly dipping to levels near 0.9350 overnight, the pair managed to pick up pace again despite the disappointing data from the Chinese Foreign Direct Investment (5.77% in October vs. 6.2% previous). The neutral tone from the RBA minutes are somehow propping the current upside, despite stating that the AUD remains ‘uncomfortably high’. “It is clear that the RBA maintains its neutral bias. We continue to target an unchanged cash rate of 2.5% for the rest of the year until +25bps for Nov 2014”, commented Annette Beacher, Strategist at TD Securities.
AUD/USD levels to watch
As of writing the pair is up 0.27% at 0.9400 and a surpass of 0.9419 (high Nov.18) would open the door to 0.9421 (low Nov.1) and finally 0.9445 (MA50d). On the downside, the initial support aligns at 0.9359 (low Nov.18) followed by 0.9305 (low Nov.15) and then 0.9298 (50% of 0.8848-0.9758).
AUD/USD amidst Chinese data and RBA
After briefly dipping to levels near 0.9350 overnight, the pair managed to pick up pace again despite the disappointing data from the Chinese Foreign Direct Investment (5.77% in October vs. 6.2% previous). The neutral tone from the RBA minutes are somehow propping the current upside, despite stating that the AUD remains ‘uncomfortably high’. “It is clear that the RBA maintains its neutral bias. We continue to target an unchanged cash rate of 2.5% for the rest of the year until +25bps for Nov 2014”, commented Annette Beacher, Strategist at TD Securities.
AUD/USD levels to watch
As of writing the pair is up 0.27% at 0.9400 and a surpass of 0.9419 (high Nov.18) would open the door to 0.9421 (low Nov.1) and finally 0.9445 (MA50d). On the downside, the initial support aligns at 0.9359 (low Nov.18) followed by 0.9305 (low Nov.15) and then 0.9298 (50% of 0.8848-0.9758).