11 Nov 2013
AUD/USD flatlining below 0.9500
FXstreet.com (Edinburgh) - The Aussie dollar remains locked within a narrow range on Monday, taking the AUD/USD to the area of 0.9380/85.
AUD/USD indifferent after Chinese, Australian data
Mixed data from the Chinese economy, showing consumer prices growing at an annual pace of 3.2% - slightly below consensus - upbeat industrial production and decent retail sales were almost ignored by traders. Same reaction followed a better-than-expected Home Loans in Australia, expanding beyond estimates 4.4% during September. “The RBA retains a mild easing bias but rates markets aren’t seriously considering a move even by Feb (20% chance)… We very much doubt the FOMC will seriously consider ‘tapering’ next month, with recent market talk likely to fade once more, perhaps as soon as Thu’s Yellen testimony. Hence while AUD/USD could test 0.9280/0.9300 early in the week, we maintain an upward bias on the month, with 0.96 still achievable”, commented strategists at Westpac Global Strategy Group.
AUD/USD levels to watch
At the moment the pair is losing 0.02% at 0.9381 with the immediate support at 0.9298 (50% of 0.9280-0.9760) and then 0.9280 (low Sep.30). On the flip side, a break above 0.9421 (low Nov.1) would bring 0.9530 (high Sep.18) and finally 0.9544 (high Nov.6).
AUD/USD indifferent after Chinese, Australian data
Mixed data from the Chinese economy, showing consumer prices growing at an annual pace of 3.2% - slightly below consensus - upbeat industrial production and decent retail sales were almost ignored by traders. Same reaction followed a better-than-expected Home Loans in Australia, expanding beyond estimates 4.4% during September. “The RBA retains a mild easing bias but rates markets aren’t seriously considering a move even by Feb (20% chance)… We very much doubt the FOMC will seriously consider ‘tapering’ next month, with recent market talk likely to fade once more, perhaps as soon as Thu’s Yellen testimony. Hence while AUD/USD could test 0.9280/0.9300 early in the week, we maintain an upward bias on the month, with 0.96 still achievable”, commented strategists at Westpac Global Strategy Group.
AUD/USD levels to watch
At the moment the pair is losing 0.02% at 0.9381 with the immediate support at 0.9298 (50% of 0.9280-0.9760) and then 0.9280 (low Sep.30). On the flip side, a break above 0.9421 (low Nov.1) would bring 0.9530 (high Sep.18) and finally 0.9544 (high Nov.6).