14 Jul 2014
AUD/USD flirts with 0.9400
FXStreet (Edinburgh) - The Aussie dollar is keeping the bid tone at the beginning of the week, with the AUD/USD hovering over the 0.9400 handle.
AUD/USD focus on RBA minutes
Against a backdrop of scarce data releases in Oz, AUD traders will look for any catalysts in tomorrow’s RBA minutes and the gauge of Business Confidence from NAB on Thursday. In the meantime, spot seems to have stabilized around 0.9400 the figure after June’s peaks just below 0.9510. In the opinion of Greg Gibbs, FX Trading Strategist at RBS, “in light of the RBA Glenn Stevens more strident views expressed on the AUD two weeks ago, it is possible that the RBA did act to cap the AUD in late June as it approached .95. As such, we need to pay more attention to this data on Thursday. Such action would signal that the RBA’s views on the economy and rates outlook may be more influenced by an exchange rate rising above .95”.
AUD/USD key levels
As of writing the pair is up 0.05% at 0.9396 with the initial resistance at 0.9459 (high Jul.10) ahead of 0.9499 (high Jul.2) and then 0.9505 (high Jul.1). On the downside, a breach of 0.9361 (low Jul.10) would expose 0.9354 (50-d MA) and finally 0.9342 (low Jul.7).
AUD/USD focus on RBA minutes
Against a backdrop of scarce data releases in Oz, AUD traders will look for any catalysts in tomorrow’s RBA minutes and the gauge of Business Confidence from NAB on Thursday. In the meantime, spot seems to have stabilized around 0.9400 the figure after June’s peaks just below 0.9510. In the opinion of Greg Gibbs, FX Trading Strategist at RBS, “in light of the RBA Glenn Stevens more strident views expressed on the AUD two weeks ago, it is possible that the RBA did act to cap the AUD in late June as it approached .95. As such, we need to pay more attention to this data on Thursday. Such action would signal that the RBA’s views on the economy and rates outlook may be more influenced by an exchange rate rising above .95”.
AUD/USD key levels
As of writing the pair is up 0.05% at 0.9396 with the initial resistance at 0.9459 (high Jul.10) ahead of 0.9499 (high Jul.2) and then 0.9505 (high Jul.1). On the downside, a breach of 0.9361 (low Jul.10) would expose 0.9354 (50-d MA) and finally 0.9342 (low Jul.7).