13 Nov 2013
AUD/USD capped by 0.9320
FXstreet.com (Edinburgh) -After dipping to sub-0.9280 levels, the Aussie dollar managed to gather steam and lift the AUD/USD back above the 0.9300 handle on Wednesday.
AUD/USD remains subdued
The offered tone persists around the pair however, with concerns surrounding the Chinese economy, the resumption of the RBA easing cycle and the Fed’s tapering weighing on the AUD. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has reached the 50% retracement support at 0.9303 and the .9283 end of September low. These are key short term supports and are currently being eroded. Please note that the Elliot
wave count is implying that the market will hold here but we would consider a close below .9283 enough to negate this”.
AUD/USD critical levels
The pair is now up 0.06% at 0.9305 with the next resistance at 0.9368 (high Nov.12) and then 0.9393 (high Nov.11). On the downside, a break below 0.9260 (low Nov.12) would open the door to 0.9223 (low Sep.13) and then 0.9100 (61.8% of 0.8848-0.9758).
AUD/USD remains subdued
The offered tone persists around the pair however, with concerns surrounding the Chinese economy, the resumption of the RBA easing cycle and the Fed’s tapering weighing on the AUD. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair “has reached the 50% retracement support at 0.9303 and the .9283 end of September low. These are key short term supports and are currently being eroded. Please note that the Elliot
wave count is implying that the market will hold here but we would consider a close below .9283 enough to negate this”.
AUD/USD critical levels
The pair is now up 0.06% at 0.9305 with the next resistance at 0.9368 (high Nov.12) and then 0.9393 (high Nov.11). On the downside, a break below 0.9260 (low Nov.12) would open the door to 0.9223 (low Sep.13) and then 0.9100 (61.8% of 0.8848-0.9758).