23 Oct 2013
AUD/USD has remained in consolidation
FXstreet.com (London) - AUD/USD has remained in consolidation for the day after dropping from a high of 0.9759 to record 0.9606 ahead of the handle and attract support for the time being.
The soft US jobs report only reinforced the negative sentiment around the US dollar, however the Aussie has suffered as a result of Chinese liquidity concerns. Then again, keeping the Aussie buoyed and as Jane Foley, Senior Currency Strategist at Rbobank pointed out, overnight also brought news of a stronger than expected rise in Australian CPI (0.7% q/q). “This data release has strengthened our belief that the RBA are unlikely to cut rates again this cycle but this view was formed because of signs of pick up in other parts of the Australian economy, including the housing market”.
AUD/USD Levels
The 20 DMA is 0.9488, the 50 DMA is 0.9303 and the 200 DMA is 0 .9749. RSI (14) reads 41.27. Supports are ascending from 0.9548, 0.9566 and 0.9604. Spot is currently 0.9622 while resistances are 0.9644, 0.9693, 0.9749, 0.9758 and 0.9792.
The soft US jobs report only reinforced the negative sentiment around the US dollar, however the Aussie has suffered as a result of Chinese liquidity concerns. Then again, keeping the Aussie buoyed and as Jane Foley, Senior Currency Strategist at Rbobank pointed out, overnight also brought news of a stronger than expected rise in Australian CPI (0.7% q/q). “This data release has strengthened our belief that the RBA are unlikely to cut rates again this cycle but this view was formed because of signs of pick up in other parts of the Australian economy, including the housing market”.
AUD/USD Levels
The 20 DMA is 0.9488, the 50 DMA is 0.9303 and the 200 DMA is 0 .9749. RSI (14) reads 41.27. Supports are ascending from 0.9548, 0.9566 and 0.9604. Spot is currently 0.9622 while resistances are 0.9644, 0.9693, 0.9749, 0.9758 and 0.9792.