16 Oct 2013
AUD/USD keeps highs above 0.9500
FXstreet.com (Edinburgh) -The Aussie dollar is trading almost unchanged from Tuesday’s close, with the AUD/USD hovering over 0.9525/30 on Wednesday.
AUD/USD firm above 0.9500
Extreme positioning plus a neutral bias from yesterday’s RBA minutes gave the AUD further support recently, keeping the upbeat tone beyond the 0.9500 handle amidst an almost empty docket, which saw the Leading Index sponsored by Westpac contracting 0.1%during August. In the opinion of Emmanuel Ng, Analyst at OCBC Bank, “The RBA meeting minuets released on Tuesday showed little inclination on the central bank’s part to lean towards further interest rate cuts and remained largely neutral in its stance. With investor sentiment no derailed thus far by the US fiscal uncertainty, the pair may attempt to mull around in a 0.9450-0.9550 range in the interim”.
AUD/USD levels to watch
As of writing the pair is up 0.05% at 0.9527 with the next resistance at 0.9558 (high Jun.19) followed by 0.9569 (76.4% of 0.9792-0.8848) and then 0.9574 (high Jun.18). On the flip side, a break below 0.9476 (low Oct.15) would expose 0.9448 (MA10d) and then 0.9416 (MA21d).
AUD/USD firm above 0.9500
Extreme positioning plus a neutral bias from yesterday’s RBA minutes gave the AUD further support recently, keeping the upbeat tone beyond the 0.9500 handle amidst an almost empty docket, which saw the Leading Index sponsored by Westpac contracting 0.1%during August. In the opinion of Emmanuel Ng, Analyst at OCBC Bank, “The RBA meeting minuets released on Tuesday showed little inclination on the central bank’s part to lean towards further interest rate cuts and remained largely neutral in its stance. With investor sentiment no derailed thus far by the US fiscal uncertainty, the pair may attempt to mull around in a 0.9450-0.9550 range in the interim”.
AUD/USD levels to watch
As of writing the pair is up 0.05% at 0.9527 with the next resistance at 0.9558 (high Jun.19) followed by 0.9569 (76.4% of 0.9792-0.8848) and then 0.9574 (high Jun.18). On the flip side, a break below 0.9476 (low Oct.15) would expose 0.9448 (MA10d) and then 0.9416 (MA21d).