24 Jan 2014
AUD/USD toying with 0.8700
FXstreet.com (Edinburgh) - Bearishness around the AUD seems unstoppable, as the AUD/USD dipped to a fresh multi-year low around 0.8690 overnight.
AUD/USD ‘talked’ lower
The pair attempted a rebound post-CPI figures early in the week, although it later proved not only ephemeral but also unsuccessful, resuming the broader bearish trend in the following sessions. Comments from RBA official H.Ridout this morning stating that spot at 0.80 would be a “fair deal” spooked investors once again and dragged the pair to fresh lows sub-0.87. “Our year-end target of $US0.87 implies that RBA tightening is buried within the flows into the USD as yields continue to rise there”, suggested Annette Beacher, Head of Asi-Pacific Research at TD Securities.
AUD/USD key levels
As of writing the pair is losing 0.59% at 0.8711, with the next support at 0.8668 (low Jul.20 2010) and then 0.8543 (long term 50% Fibo). On the flip side, a surpass of 0.8853 (high Jan.23) would expose 0.8889 (high Jan.22) and finally 0.8915 (high Jan.16).
AUD/USD ‘talked’ lower
The pair attempted a rebound post-CPI figures early in the week, although it later proved not only ephemeral but also unsuccessful, resuming the broader bearish trend in the following sessions. Comments from RBA official H.Ridout this morning stating that spot at 0.80 would be a “fair deal” spooked investors once again and dragged the pair to fresh lows sub-0.87. “Our year-end target of $US0.87 implies that RBA tightening is buried within the flows into the USD as yields continue to rise there”, suggested Annette Beacher, Head of Asi-Pacific Research at TD Securities.
AUD/USD key levels
As of writing the pair is losing 0.59% at 0.8711, with the next support at 0.8668 (low Jul.20 2010) and then 0.8543 (long term 50% Fibo). On the flip side, a surpass of 0.8853 (high Jan.23) would expose 0.8889 (high Jan.22) and finally 0.8915 (high Jan.16).