5 Nov 2013
AUD/USD collecting some demand
FXstreet.com (London) - AUD/USD dropped from a high of 0.9539 and has found some demand in the 0.9480’s ahead of lows at 0.9463.
Despite the RBA specifically targeting the exchange rate as “uncomfortably high”, we’ve already reversed half the knee-jerk reaction and look to stabilise around 0.9500. The dollar leg of the equation is back in focus with ISM coming in better at 55.4 vs 54 expected and lifting the dollar. The USD take the lead in the absence of further Australian stimulus now and ahead of the October employment report and quarterly statement on monetary policy due Thursday.
AUD/USD Levels
The 20 DMA is 0.9539, the 50 DMA is 0.9374 and the 200 DMA is 0.9709. RSI (14) reads 49.13. Supports are ascending from 0.9334, 0.9389, and 0.9410, 0.9430 and 0.9471. Spot is currently 0.9490. Resistances are 0.9521, 0.9530, 0.9556 and 0.9585.
Despite the RBA specifically targeting the exchange rate as “uncomfortably high”, we’ve already reversed half the knee-jerk reaction and look to stabilise around 0.9500. The dollar leg of the equation is back in focus with ISM coming in better at 55.4 vs 54 expected and lifting the dollar. The USD take the lead in the absence of further Australian stimulus now and ahead of the October employment report and quarterly statement on monetary policy due Thursday.
AUD/USD Levels
The 20 DMA is 0.9539, the 50 DMA is 0.9374 and the 200 DMA is 0.9709. RSI (14) reads 49.13. Supports are ascending from 0.9334, 0.9389, and 0.9410, 0.9430 and 0.9471. Spot is currently 0.9490. Resistances are 0.9521, 0.9530, 0.9556 and 0.9585.