4 Dec 2013
AUD/USD a double top?
FXstreet.com (London) - AUD/USD lost ground on the GDP numbers and a firmer dollar reaching a low of 0.8997, meanwhile the pair has climbed higher to for a double top at 0.9040/43.
The GDP report was followed up with comments from Treasurer Joe Hockey, saying the country faces a ‘growth hole’ only adding to the pressure on the currency. Derek Halpenny at The Bank of Tokyo-Mitsubishi UFJ said, “While we understand the reaction, on a valuation basis, AUD/USD is looking stretched on the downside and if dollar momentum fades, AUD/USD would be a good performer”. From the US, ISM non-manufacturing did not extend its recent strong performance in Nov, coming in lower at 53.9 vs the 55.0 consensus. Oct new home sales to come in at 444K vs 432 consensus.
AUD/USD Levels
The 20 DMA is 0.9272, the 50 DMA is 0.9403 and the 200 DMA is 0.9599. RSI (14) reads 29.08. Supports are ascending from 0.8958, 0.8973, and 0.9000. Spot is currently 0.9034 while resistances are 0.9038, 0.9071, 0.9114, 0.9147, 0.9169 and 0.9204.
The GDP report was followed up with comments from Treasurer Joe Hockey, saying the country faces a ‘growth hole’ only adding to the pressure on the currency. Derek Halpenny at The Bank of Tokyo-Mitsubishi UFJ said, “While we understand the reaction, on a valuation basis, AUD/USD is looking stretched on the downside and if dollar momentum fades, AUD/USD would be a good performer”. From the US, ISM non-manufacturing did not extend its recent strong performance in Nov, coming in lower at 53.9 vs the 55.0 consensus. Oct new home sales to come in at 444K vs 432 consensus.
AUD/USD Levels
The 20 DMA is 0.9272, the 50 DMA is 0.9403 and the 200 DMA is 0.9599. RSI (14) reads 29.08. Supports are ascending from 0.8958, 0.8973, and 0.9000. Spot is currently 0.9034 while resistances are 0.9038, 0.9071, 0.9114, 0.9147, 0.9169 and 0.9204.