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8 Oct 2013
AUD/USD bullish set above pivot?
FXstreet.com (London) - AUD/USD is exceptionally quiet leading up to the end the NA shift, having consolidated above the pivot after a steep drop from the highs 0.9486.
The AUD had a brief spell below 0.9400 yesterday as risk wobbled but came back very quickly as the consistent demand from retail and corporates resurfaced again. In general, the pair is benefiting from the weaker USD. However, Business Confidence rose to a three and a half year highs as the improvement in sentiment post the election continues. The confidence data is beginning to imply the RBA rate cuts are starting to filter into the economy and notably reduces the chances of a near term cut (4bps priced for November).
AUD/USD Levels
The 20 DMA is 0.9377, the 50 DMA is 0.9186 and the 200 DMA is 0.9801. RSI (14) 51.59. Supports are ascending from 0.9334, 0.9365, 0.9389 and 0.9400. Spot is currently 0.9434 while resistances are 0.9459, 0.9489, 0.9530 and 0.9581.
The AUD had a brief spell below 0.9400 yesterday as risk wobbled but came back very quickly as the consistent demand from retail and corporates resurfaced again. In general, the pair is benefiting from the weaker USD. However, Business Confidence rose to a three and a half year highs as the improvement in sentiment post the election continues. The confidence data is beginning to imply the RBA rate cuts are starting to filter into the economy and notably reduces the chances of a near term cut (4bps priced for November).
AUD/USD Levels
The 20 DMA is 0.9377, the 50 DMA is 0.9186 and the 200 DMA is 0.9801. RSI (14) 51.59. Supports are ascending from 0.9334, 0.9365, 0.9389 and 0.9400. Spot is currently 0.9434 while resistances are 0.9459, 0.9489, 0.9530 and 0.9581.