2 Dec 2013
AUD/USD awaits RBA
FXstreet.com (London) - AUD/USD has found some support back into the 0.91 handle ahead of the RBA later on.
The Market Strategy Team at UOB Group feel that AUD/USD is trying to form a near term base,“The sharp recovery ahead of the strong support at 0.9030 (Friday’s low of 0.9056) indicates that this pair is trying to form a short-term base.” Meanwhile, Us data releases have been in the spotlight ahead of the RBA later on. The US construction spending dropped 0.3% in September, the ISM manufacturing PMI showed improvement in the sector, with the index reaching 57.3, its highest level since April 2011, versus 55.0 expected. Strategists at TD Securities explained, “Much of the developed world has significant domestic macro developments this week and for Australia, tonight brings the retail sales report as well as the RBA’s final meeting of 2013…The Bank is widely expected to keep a neutral tone to its statement, in which case the important focus for currency markets will be the characterization of the AUD at current levels”.
AUD/USD Levels
The 20 DMA is 0.9311, the 50 DAM is 0.9414 and the 200 DMA is 0.9616. RSI (14) reads41.89 while supports are ascending from 0.8973, 0.9038, 0.9055, 0.9088 and 0.9159. Spot is currently 0.9204 with resistances at 0.9260, 0.9278 and 0.9316.
The Market Strategy Team at UOB Group feel that AUD/USD is trying to form a near term base,“The sharp recovery ahead of the strong support at 0.9030 (Friday’s low of 0.9056) indicates that this pair is trying to form a short-term base.” Meanwhile, Us data releases have been in the spotlight ahead of the RBA later on. The US construction spending dropped 0.3% in September, the ISM manufacturing PMI showed improvement in the sector, with the index reaching 57.3, its highest level since April 2011, versus 55.0 expected. Strategists at TD Securities explained, “Much of the developed world has significant domestic macro developments this week and for Australia, tonight brings the retail sales report as well as the RBA’s final meeting of 2013…The Bank is widely expected to keep a neutral tone to its statement, in which case the important focus for currency markets will be the characterization of the AUD at current levels”.
AUD/USD Levels
The 20 DMA is 0.9311, the 50 DAM is 0.9414 and the 200 DMA is 0.9616. RSI (14) reads41.89 while supports are ascending from 0.8973, 0.9038, 0.9055, 0.9088 and 0.9159. Spot is currently 0.9204 with resistances at 0.9260, 0.9278 and 0.9316.