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10 Sep 2013
AUD/USD over extended, RS1 75
FXstreet.com (London) - AUD/USD has continued through 0.9300 the figure and continues on the bid.
AUD/USD amongst the CAD and NZD, was outperforming last week and has continued on the bid into this weeks sessions. “Chinese economic data for August reflected slightly lower inflationary pressures (CPI 2.6%) and better trade (surplus of USD28.5bn) on relatively better export growth. Then, the Australian election produced the expected win for the Liberal-National coalition over the ruling Labour but PM-elect Abbott may need the support of minor parties in the Senate to push through his agenda. The AUD is supported by the election and Chinese data. A somewhat disappointing NFP result last Friday should not derail the Fed’s tapering agenda next week but the speculation about what form the taper will take remains highly debatable”, reported research teams at TD Securities.
AUD/USD, RSI 75
“Key resistance remains at .9388/.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside” – Karen Jones, Chief Strategist at Commerzbank. The 20 DMA is .9062, the 50 DMA is .9100 and the 200 DMA is .9915. RSI (14) reads 75, just below the critical 70 mark indicating the pair is losing momentum. Supports are ascending from .9010, .9038, .9063, .9115 and .9190. Spot is currently .9304 while resistances are .9320 and .9325.
AUD/USD amongst the CAD and NZD, was outperforming last week and has continued on the bid into this weeks sessions. “Chinese economic data for August reflected slightly lower inflationary pressures (CPI 2.6%) and better trade (surplus of USD28.5bn) on relatively better export growth. Then, the Australian election produced the expected win for the Liberal-National coalition over the ruling Labour but PM-elect Abbott may need the support of minor parties in the Senate to push through his agenda. The AUD is supported by the election and Chinese data. A somewhat disappointing NFP result last Friday should not derail the Fed’s tapering agenda next week but the speculation about what form the taper will take remains highly debatable”, reported research teams at TD Securities.
AUD/USD, RSI 75
“Key resistance remains at .9388/.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside” – Karen Jones, Chief Strategist at Commerzbank. The 20 DMA is .9062, the 50 DMA is .9100 and the 200 DMA is .9915. RSI (14) reads 75, just below the critical 70 mark indicating the pair is losing momentum. Supports are ascending from .9010, .9038, .9063, .9115 and .9190. Spot is currently .9304 while resistances are .9320 and .9325.