18 Sep 2013
AUD/USD well supported around 0.9340
FXstreet.com (Edinburgh) -The Aussie dollar surrendered its initial gains on Wednesday, dragging the AUD/USD from morning peaks around 0.9370 to a new test of session lows near 0.9340.
AUD/USD eyes on the Fed
The AUD was largely benefited from the recent risk rally alongside an increased bearishness around the greenback. The pair is now advancing for the third consecutive week, gathering steam after hitting multi-year lows around 0.8850 in early August. Analysts at Danske Bank commented, “Although the RBA is now on hold, AUD will have to fall or the RBA will need to cut rates to foster the rebalancing of the Australian economy following the mining boom. With a USD trough in sight, the potential for AUD/USD to edge lower thus remain in place”.
AUD/USD relevant levels
The pair is now losing 0.06% at 0.0.9350 and a violation of 0.9307 (cloud top) would open the door to 0.9285 (low Sep.17) and then 0.9273 (high Sep.13). On the upside, the initial hurdle lies at 0.9393 (high Sep.16) ahead of 0.9431 (61.8% of 0.9792-0.8848) and finally 0.9440 (low Jun.18).
AUD/USD eyes on the Fed
The AUD was largely benefited from the recent risk rally alongside an increased bearishness around the greenback. The pair is now advancing for the third consecutive week, gathering steam after hitting multi-year lows around 0.8850 in early August. Analysts at Danske Bank commented, “Although the RBA is now on hold, AUD will have to fall or the RBA will need to cut rates to foster the rebalancing of the Australian economy following the mining boom. With a USD trough in sight, the potential for AUD/USD to edge lower thus remain in place”.
AUD/USD relevant levels
The pair is now losing 0.06% at 0.0.9350 and a violation of 0.9307 (cloud top) would open the door to 0.9285 (low Sep.17) and then 0.9273 (high Sep.13). On the upside, the initial hurdle lies at 0.9393 (high Sep.16) ahead of 0.9431 (61.8% of 0.9792-0.8848) and finally 0.9440 (low Jun.18).