11 Oct 2013
AUD/USD bid above 0.9450
FXstreet.com (Edinburgh) -The Aussie dollar continues its march north on Friday, taking the AUD/USD to a second consecutive week of gains against the backdrop of firm risk-on trade.
AUD/USD key week ahead
The AUD would be in the limelight in the upcoming week as key releases are expected in the Chinese economy: trade balance figures and consumer prices are due in the first half of the week while retail sales, industrial production and the more relevant Q3 GDP figures will be published on Friday. In the domestic front, the RBA minutes on Tuesday will take centre stage although the tone should be neutral, adding support to the AUD. Emmanuel Ng, Strategist at OCBC Bank, argued “we remain inherently in favor of further upside headroom for the pair given the improving global macro climate. Resistance after 0.9500 is expected towards 0.9530 while support is expected towards 0.9400 and then 0.9360”.
AUD/USD levels to consider
At the moment the pair is up 0.19% at 0.9469 and a surpass of 0.9485 (high Oct.8) would open the door to 0.9524 (high Sep.19) and then 0.9530 (high Sep.18). On the flip side, the initial support aligns at 0.9412 (low Oct.8) followed by 0.9393 (MA10d) and then 0.9389 (low Oct.7).
AUD/USD key week ahead
The AUD would be in the limelight in the upcoming week as key releases are expected in the Chinese economy: trade balance figures and consumer prices are due in the first half of the week while retail sales, industrial production and the more relevant Q3 GDP figures will be published on Friday. In the domestic front, the RBA minutes on Tuesday will take centre stage although the tone should be neutral, adding support to the AUD. Emmanuel Ng, Strategist at OCBC Bank, argued “we remain inherently in favor of further upside headroom for the pair given the improving global macro climate. Resistance after 0.9500 is expected towards 0.9530 while support is expected towards 0.9400 and then 0.9360”.
AUD/USD levels to consider
At the moment the pair is up 0.19% at 0.9469 and a surpass of 0.9485 (high Oct.8) would open the door to 0.9524 (high Sep.19) and then 0.9530 (high Sep.18). On the flip side, the initial support aligns at 0.9412 (low Oct.8) followed by 0.9393 (MA10d) and then 0.9389 (low Oct.7).