24 Jul 2013
AUD/USD correcting lower, around 0.9250
FXstreet.com (Edinburgh) -The Aussie dollar is following the rest of the risk-associated assets on Wednesday, with the AUD/USD trading on the back foot after Australian inflation figures and Chinese data.
AUD/USD remains vulnerable
Key inflation figures in Australia came in in line with expectations during the second quarter, allaying jitters of an imminent rate cut by the RBA in its next meeting. Robert Henderson, Strategist at NAB, commented, “The CPI release for the June quarter was pretty neutral in terms of the outlook for interest rates… On balance, we still expect the RBA to cut but this will be a fairly closely debated conclusion”. More impact on the AUD had the lacklustre PMI print from China, dragging the pair from the proximities of 0.9300 to the current area around the mid 0.92s.
AUD/USD key levels
At the moment the pair is down 0.44% at 0.9254 with the immediate support at 0.9222 (low Jul.23) followed by 0.9192 (MA10d) and finally 0.9183 (MA21d). On the flip side, a breakout of 0.9299 (high Jul.23) would bring 0.9301 (38.2% of 0.9792-08998) and then 0.9306 (high Jul.11).
AUD/USD remains vulnerable
Key inflation figures in Australia came in in line with expectations during the second quarter, allaying jitters of an imminent rate cut by the RBA in its next meeting. Robert Henderson, Strategist at NAB, commented, “The CPI release for the June quarter was pretty neutral in terms of the outlook for interest rates… On balance, we still expect the RBA to cut but this will be a fairly closely debated conclusion”. More impact on the AUD had the lacklustre PMI print from China, dragging the pair from the proximities of 0.9300 to the current area around the mid 0.92s.
AUD/USD key levels
At the moment the pair is down 0.44% at 0.9254 with the immediate support at 0.9222 (low Jul.23) followed by 0.9192 (MA10d) and finally 0.9183 (MA21d). On the flip side, a breakout of 0.9299 (high Jul.23) would bring 0.9301 (38.2% of 0.9792-08998) and then 0.9306 (high Jul.11).