15 Oct 2013
AUD/USD climbs beyond 0.9500
FXstreet.com (Edinburgh) -A favourable tone from the RBA minutes on Tuesday pushed the AUD/USD to test the area beyond 0.9530, levels last seen in June.
AUD/USD extends the upside
The pair is advancing for the third consecutive week, extending the upside to 4-month highs to levels just shy of 0.9540. Data-wise, the Australian docket showed second-tier results from the New Motor Vehicle Sales, contracting 0.1% on a monthly basis, while the US fiscal development continue to grab all the attention. Back to the RBA minutes, Strategist Annette Beacher at TD Securities commented, “While they continue to maintain that ‘Banks should neither close off the possibility of reducing rates further’, this is in contrast to the earlier paragraphs on an upbeat outlook of housing and confidence. Noting that an easing bias was absent from the communiqué, we are of the view that the RBA will leave it cash rate unchanged for the rest of this cycle”.
AUD/USD levels to watch
As of writing the pair is advancing 0.47% at 0.9533 with the next resistance at 0.9558 (high Jun.19). On the flip side, a breakdown of 0.9485 (high Oct.14) would expose 0.9435 (MA10d) followed by 0.9410 (low Oct.14).
AUD/USD extends the upside
The pair is advancing for the third consecutive week, extending the upside to 4-month highs to levels just shy of 0.9540. Data-wise, the Australian docket showed second-tier results from the New Motor Vehicle Sales, contracting 0.1% on a monthly basis, while the US fiscal development continue to grab all the attention. Back to the RBA minutes, Strategist Annette Beacher at TD Securities commented, “While they continue to maintain that ‘Banks should neither close off the possibility of reducing rates further’, this is in contrast to the earlier paragraphs on an upbeat outlook of housing and confidence. Noting that an easing bias was absent from the communiqué, we are of the view that the RBA will leave it cash rate unchanged for the rest of this cycle”.
AUD/USD levels to watch
As of writing the pair is advancing 0.47% at 0.9533 with the next resistance at 0.9558 (high Jun.19). On the flip side, a breakdown of 0.9485 (high Oct.14) would expose 0.9435 (MA10d) followed by 0.9410 (low Oct.14).