8 Nov 2013
AUD/USD consolidates sub-0.9500
FXstreet.com (Edinburgh) -The Aussie dollar quickly faded the spike beyond 0.9490 soon after the Chinese trade data, with the AUD/USD now returning to the area of 0.9465/70.
AUD/USD boosted by China
Upbeat data from the Chinese external sector showing a trade surplus of CNY 21.1billion in October lifted the sentiment surrounding the AUD although the pair is netting an almost even week so far. Of note is that Chinese exports expanded 5.6%, above estimates and previous month, while imports increased 7.6% missing the median. Annette Beacher, Strategyst at TD Securities, assessed, “The RBA Statement on Monetary Policy lowered growth forecasts via lower mining investment and a stronger currency, although noted upbeat business and consumer sentiment, retail sales and housing sector. The Bank’s second reference to “not close off the possibility” of another cash rate cut dampened the AUD a little, given it is a weak easing bias”.
AUD/USD key levels
At the moment the pair is up 0.20% at 0.9965 with the next resistance at 0.9530 (high Sep.18) followed by 0.9544 (high Nov.6) and then 0.9600 (psychological level). On the flip side, a breakdown of 0.9421 (low Nov.1) would bring 0.9419 (MA50d) and finally 0.9407 (38.2% of 0.8850-0.9706).
AUD/USD boosted by China
Upbeat data from the Chinese external sector showing a trade surplus of CNY 21.1billion in October lifted the sentiment surrounding the AUD although the pair is netting an almost even week so far. Of note is that Chinese exports expanded 5.6%, above estimates and previous month, while imports increased 7.6% missing the median. Annette Beacher, Strategyst at TD Securities, assessed, “The RBA Statement on Monetary Policy lowered growth forecasts via lower mining investment and a stronger currency, although noted upbeat business and consumer sentiment, retail sales and housing sector. The Bank’s second reference to “not close off the possibility” of another cash rate cut dampened the AUD a little, given it is a weak easing bias”.
AUD/USD key levels
At the moment the pair is up 0.20% at 0.9965 with the next resistance at 0.9530 (high Sep.18) followed by 0.9544 (high Nov.6) and then 0.9600 (psychological level). On the flip side, a breakdown of 0.9421 (low Nov.1) would bring 0.9419 (MA50d) and finally 0.9407 (38.2% of 0.8850-0.9706).