14 Oct 2013
AUD/USD looks constructive on the dips
FXstreet.com (London) - Price action remains looking constructive for AUD/USD, even if the situation in Washington is not.
Greg Gibbs at RBS said with the Fed likely to remain on hold for longer, and its activity data perhaps heading into a softer patch in coming months as economic confidence is sapped by the fiscal debate, we may see Asia EM and commodity currencies firm against a weaker USD. “The caveat of course is if the US goes into a deeper crisis, it could drag down global investor confidence….While the list of delayed US data releases lengthens, this week we see the monthly and quarterly Chinese economic data. The trade figures released over the weekend showed a slowdown in exports, but imports continuing to firm. the strong imports of iron ore and relatively stable prices suggest demand growth remains on a solid path for the time being. This should tend to support the AUD”.
AUD/USD Levels
The 20 DMA is 0.9408, the 50 DMA is 0.9227 and the 200 DMA is 0.9781. RSI (14) Reads 55.21. Supports are ascending from 0.9280, 0.9334, 0.9367, 0.9389 and 0.9468. spot is currently 0.9477 while resistances are coming in at 0.9485 , 0.9489 and 0.9530.
Greg Gibbs at RBS said with the Fed likely to remain on hold for longer, and its activity data perhaps heading into a softer patch in coming months as economic confidence is sapped by the fiscal debate, we may see Asia EM and commodity currencies firm against a weaker USD. “The caveat of course is if the US goes into a deeper crisis, it could drag down global investor confidence….While the list of delayed US data releases lengthens, this week we see the monthly and quarterly Chinese economic data. The trade figures released over the weekend showed a slowdown in exports, but imports continuing to firm. the strong imports of iron ore and relatively stable prices suggest demand growth remains on a solid path for the time being. This should tend to support the AUD”.
AUD/USD Levels
The 20 DMA is 0.9408, the 50 DMA is 0.9227 and the 200 DMA is 0.9781. RSI (14) Reads 55.21. Supports are ascending from 0.9280, 0.9334, 0.9367, 0.9389 and 0.9468. spot is currently 0.9477 while resistances are coming in at 0.9485 , 0.9489 and 0.9530.