30 Aug 2013
AUD/USD up in a narrow range, around 0.8940
FXstreet.com (Ediinburgh) -The Aussie dollar is following the better tone in the risk-on space, lifting the AUD/USD to the current area of 0.8940/45, up from lows around 0.8900 post-Wall St.
AUD/USD on the rise after data
In the domestic data front, Australia’s Private Sector Credit rose above estimates 0.4% on a monthly basis during July, extending the annual advance to 3.2% vs. 3.1% previous. In the same direction, Chinese Business Sentiment indicator sponsored by MNI rose to 58.0 vs. 54.3 previous. “Last week’s failure to breach 0.9250 and the swift slide below 0.9000 underscores the corrective nature of rebounds. Any further rebounds could struggle in the 0.9100-25 area. Such minimal rebounds, or a close below 0.8925, could even trigger an early return to the downtrend and slippage towards the 0.8550-0.8675 target area”, suggested Tim Riddell, Head of Global Markets Research at ANZ.
AUD/USD critical levels
The pair is now up 0.12% at 0.8942 with the next hurdle at 0.8979 (high Aug.29) followed by 0.8985 (high Aug.28) and finally 0.9028 (MA10d). On the flip side, a breakdown of 0.8891 (low Aug.28) would expose 0.8848 (2013 low Aug.5) and then 0.8846 (low Aug.27 2010).
AUD/USD on the rise after data
In the domestic data front, Australia’s Private Sector Credit rose above estimates 0.4% on a monthly basis during July, extending the annual advance to 3.2% vs. 3.1% previous. In the same direction, Chinese Business Sentiment indicator sponsored by MNI rose to 58.0 vs. 54.3 previous. “Last week’s failure to breach 0.9250 and the swift slide below 0.9000 underscores the corrective nature of rebounds. Any further rebounds could struggle in the 0.9100-25 area. Such minimal rebounds, or a close below 0.8925, could even trigger an early return to the downtrend and slippage towards the 0.8550-0.8675 target area”, suggested Tim Riddell, Head of Global Markets Research at ANZ.
AUD/USD critical levels
The pair is now up 0.12% at 0.8942 with the next hurdle at 0.8979 (high Aug.29) followed by 0.8985 (high Aug.28) and finally 0.9028 (MA10d). On the flip side, a breakdown of 0.8891 (low Aug.28) would expose 0.8848 (2013 low Aug.5) and then 0.8846 (low Aug.27 2010).