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7 Oct 2013
AUD/USD consolidates above 0.9400
FXstreet.com (Edinburgh) -Despite the daily pullback, the Aussie dollar is confirming its bullish momentum after hitting lows around 0.9300 last week, with the AUD/USD now hovering over 0.9415/20.
AUD/USD on its way to September highs?
The recent neutral tone from the RBA gave the AUD further impulse, consolidating its advance beyond 0.9400 the figure and with September peaks around 0.9530 now on the horizon. Data-wise, the Performance of Construction gauged by the AIG index improved to 47.6 during September from 43.7 previous. In the opinion of Jonathan Cavenagh, Analyst at Westpac Global Strategy Group, “The AUD stands reasonably well positioned to push higher from here and is enjoying strong yield momentum at the moment, as expectations of further RBA rate cuts get pushed out into 2014. Look for a push above 0.9460 during today's session”.
AUD/USD key levels
At the moment the pair is losing 0.17% at 0.9420 with the immediate support at 0.9362 (uptrend line) followed by 0.9283 (Fibo retracement) and finally 0.9233 (high Aug.19). On the flip side, a break above 0.9528 (high Sep.18) would open the door to 0.9665 (high Jun.14) and then 0.9712 (low May 17).
AUD/USD on its way to September highs?
The recent neutral tone from the RBA gave the AUD further impulse, consolidating its advance beyond 0.9400 the figure and with September peaks around 0.9530 now on the horizon. Data-wise, the Performance of Construction gauged by the AIG index improved to 47.6 during September from 43.7 previous. In the opinion of Jonathan Cavenagh, Analyst at Westpac Global Strategy Group, “The AUD stands reasonably well positioned to push higher from here and is enjoying strong yield momentum at the moment, as expectations of further RBA rate cuts get pushed out into 2014. Look for a push above 0.9460 during today's session”.
AUD/USD key levels
At the moment the pair is losing 0.17% at 0.9420 with the immediate support at 0.9362 (uptrend line) followed by 0.9283 (Fibo retracement) and finally 0.9233 (high Aug.19). On the flip side, a break above 0.9528 (high Sep.18) would open the door to 0.9665 (high Jun.14) and then 0.9712 (low May 17).