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21 Oct 2013
AUD/USD capped by 0.9680
FXstreet.com (Edinburgh) -The Aussie dollar continues its relentless march higher on Monday, lifting the AUD/USD to fresh highs in the boundaries of 0.9680.
AUD/USD in 4-month highs
The pair reached a multi-month highs around 0.9680, propped up by the recent USD weakness, a ‘wait-and-see’ stance from the RBA, extreme positioning in AUD and some sort of ‘soft landing’ in China. According to Westpac Global Strategy Group, “Now that the US political drama has been punted into Q1, punishing the USD is the theme until further notice, with AUD an obvious beneficiary. Commodity prices add to support. Q3 CPI (Wed) should print on the high side, further encouraging AUD dip-buyers. However, after steep gains, the Aussie seems due for consolidation/ profit-taking, so key resistance at 0.9715 could take some time to break”.
AUD/USD critical levels
At the moment the pair is losing 0.05% at 0.9672 with the immediate support at 0.9604 (low Oct.18) followed by 0.9527 (low Oct.17). On the upside, a break above 0.9700 (psychological level) would bring 0.9762 (MA200d).
AUD/USD in 4-month highs
The pair reached a multi-month highs around 0.9680, propped up by the recent USD weakness, a ‘wait-and-see’ stance from the RBA, extreme positioning in AUD and some sort of ‘soft landing’ in China. According to Westpac Global Strategy Group, “Now that the US political drama has been punted into Q1, punishing the USD is the theme until further notice, with AUD an obvious beneficiary. Commodity prices add to support. Q3 CPI (Wed) should print on the high side, further encouraging AUD dip-buyers. However, after steep gains, the Aussie seems due for consolidation/ profit-taking, so key resistance at 0.9715 could take some time to break”.
AUD/USD critical levels
At the moment the pair is losing 0.05% at 0.9672 with the immediate support at 0.9604 (low Oct.18) followed by 0.9527 (low Oct.17). On the upside, a break above 0.9700 (psychological level) would bring 0.9762 (MA200d).