26 Nov 2014
AUD/USD testing tops near 0.8560
FXStreet (Edinburgh) - The broader tone remains bearish around the Aussie dollar on Wednesday despite AUD/USD currently challenging session tops around 0.8560/65.
AUD/USD rebounded from 0.8520
After bottoming out in fresh multi-year lows around 0.8520, the pair managed to gather some traction and regained the 0.8560 neighbourhood, all ahead the slew of US data releases due later. In the meantime, Construction Work Done in Oz contracted further 2.2% during the third quarter vs. forecasts for a 1.0% drop and lower than the 1.2% contraction seen during the previous quarter. “The down-move appears to be over-extended and further sustained weakness is unlikely. Allow for a retest of 0.8510/15 but this should lead to recovery towards 0.8575”, observed strategists at UOB Group.
AUD/USD relevant levels
At the moment the pair is up 0.32% at 0.8559 and a surpass of 0.8711 (21-d MA) would expose 0.8723 (high Nov.21) and finally 0.8747 (high Nov.18). On the other hand, the immediate support aligns at 0.8540 (low Nov.7) followed by 0.8514 (2014 low Nov.25) and then 0.8500 (psychological level).
AUD/USD rebounded from 0.8520
After bottoming out in fresh multi-year lows around 0.8520, the pair managed to gather some traction and regained the 0.8560 neighbourhood, all ahead the slew of US data releases due later. In the meantime, Construction Work Done in Oz contracted further 2.2% during the third quarter vs. forecasts for a 1.0% drop and lower than the 1.2% contraction seen during the previous quarter. “The down-move appears to be over-extended and further sustained weakness is unlikely. Allow for a retest of 0.8510/15 but this should lead to recovery towards 0.8575”, observed strategists at UOB Group.
AUD/USD relevant levels
At the moment the pair is up 0.32% at 0.8559 and a surpass of 0.8711 (21-d MA) would expose 0.8723 (high Nov.21) and finally 0.8747 (high Nov.18). On the other hand, the immediate support aligns at 0.8540 (low Nov.7) followed by 0.8514 (2014 low Nov.25) and then 0.8500 (psychological level).