28 Oct 2013
AUD/USD finds support around 0.9600
FXstreet.com (Edinburgh) -The Aussie dollar recovered from opening levels in the vicinity of 0.9590/85 against the greenback, taking the AUD/USD back to the boundaries of 0.9600 the figure on Monday.
AUD/USD quiet week ahead
It will be a very quiet week in the Australian data front, with only New Home Sales sponsored by HIA and Building Permits as the most relevant releases in the second part of the week, ahead of the RAB monetary policy gathering next week. In the opinion of Westpac Global Strategy Group, “..commodity prices have failed to keep up with AUD gains this month, suggesting consolidation or a little further near term downside risk. Yet the week’s US data slate and FOMC meeting are unlikely to inspire confidence in USD. With the RBA on hold for now, a quiet local calendar and concern over China’s money markets likely to blow over, we suspect AUD/USD finds buyers ahead of 0.9520 support and trends back towards 0.97 over the week”.
AUD/USD key levels
The pair is now advancing 0.27% at 0.9610 with the next resistance at 0.9671 (high Oct.24) ahead of 0.9716 (50% of 1.0583-0.8848) and finally 0.9744 (MA200d). On the flip side, a breakdown of 0.9527 (low Oct.17) would expose 0.9499 (low Oct.16).
AUD/USD quiet week ahead
It will be a very quiet week in the Australian data front, with only New Home Sales sponsored by HIA and Building Permits as the most relevant releases in the second part of the week, ahead of the RAB monetary policy gathering next week. In the opinion of Westpac Global Strategy Group, “..commodity prices have failed to keep up with AUD gains this month, suggesting consolidation or a little further near term downside risk. Yet the week’s US data slate and FOMC meeting are unlikely to inspire confidence in USD. With the RBA on hold for now, a quiet local calendar and concern over China’s money markets likely to blow over, we suspect AUD/USD finds buyers ahead of 0.9520 support and trends back towards 0.97 over the week”.
AUD/USD key levels
The pair is now advancing 0.27% at 0.9610 with the next resistance at 0.9671 (high Oct.24) ahead of 0.9716 (50% of 1.0583-0.8848) and finally 0.9744 (MA200d). On the flip side, a breakdown of 0.9527 (low Oct.17) would expose 0.9499 (low Oct.16).