3 Oct 2013
AUD/USD firmly up, eyes on 0.9400
FXstreet.com (Edinburgh) -The Aussie dollar is following the risk appetite trends, pushing the AUD/USD to another challenge of 0.9400 the figure on Thursday.
AUD/USD bolstered by data
It is a fairly quiet session in the data front for the AUD, with only the Performance of Services index sponsored by AIG improving to 47.1 in September from 39.0 in the previous month. Greg Gibbs, FX Trading Strategist at RBS observed “While I still harbour significant doubts about the Chinese investment cycle and credit excesses, and I expect the Fed taper to be back on the table in three to six months, such that I have a lower forecast for the AUD next year. At this time the risk is building for a rebound… The market is steadily taking out its expectations of further rate cuts in Australia, which are now no longer fully pricing a further 25bp cut”.
AUD/USD key levels
At the moment the pair is up 0.11% at 0.9392 with t he next resistance at 0.94.08 (high Oct.2) and then 0.9435 (high Oct.1). On the downside, a break below 0.9334 (low Oct.2) would open the door to 0.9325 (MA21d) and finally 0.9289 (low Oct.1).
AUD/USD bolstered by data
It is a fairly quiet session in the data front for the AUD, with only the Performance of Services index sponsored by AIG improving to 47.1 in September from 39.0 in the previous month. Greg Gibbs, FX Trading Strategist at RBS observed “While I still harbour significant doubts about the Chinese investment cycle and credit excesses, and I expect the Fed taper to be back on the table in three to six months, such that I have a lower forecast for the AUD next year. At this time the risk is building for a rebound… The market is steadily taking out its expectations of further rate cuts in Australia, which are now no longer fully pricing a further 25bp cut”.
AUD/USD key levels
At the moment the pair is up 0.11% at 0.9392 with t he next resistance at 0.94.08 (high Oct.2) and then 0.9435 (high Oct.1). On the downside, a break below 0.9334 (low Oct.2) would open the door to 0.9325 (MA21d) and finally 0.9289 (low Oct.1).