11 Dec 2013
AUD/USD challenging 0.9100
FXstreet.com (Edinburgh) - After hitting multi-day peaks near 0.9170 on Tuesday, the AUD/USD is now giving away part of those gains and returning to the area around 0.9110/00.
AUD/USD capped by 0.9170
The 0.9165/70 region, or December highs, still represents an elusive barrier for the AUD bulls, dampening the modest rebound from last week’s troughs near 0.8950. Data wise, Consumer Confidence gauged by the Westpac index dropped 4.8% for the current month, down from November’s 1.9% gain ahead of tomorrow’s key employment data. Consensus places the jobless rate a tad higher at 5.8% for November and expects the employment to increase by 1K. Greg Gibbs, FX Trading Strategist at RBS, noted “the market will continue to focus on the approaching sharper decline in resources investment, risks to Chinese growth
and more challenging environment for emerging markets. As such, we see the bear-market nature in the AUD, making it more reactive to negative news, likely to persist”.
AUD/USD key levels
As of writing the pair is losing 0.43% at 0.9117 and a breach of 0.9075 (low Dec.10) would aim for 0.9070 (low Dec.9) and finally 0.9000 (psychological level). On the upside, the initial hurdle aligns at 0.9168 (high Dec.10) followed by 0.9169 (high Dec.2) and then 0.9204 (high Nov.26).
AUD/USD capped by 0.9170
The 0.9165/70 region, or December highs, still represents an elusive barrier for the AUD bulls, dampening the modest rebound from last week’s troughs near 0.8950. Data wise, Consumer Confidence gauged by the Westpac index dropped 4.8% for the current month, down from November’s 1.9% gain ahead of tomorrow’s key employment data. Consensus places the jobless rate a tad higher at 5.8% for November and expects the employment to increase by 1K. Greg Gibbs, FX Trading Strategist at RBS, noted “the market will continue to focus on the approaching sharper decline in resources investment, risks to Chinese growth
and more challenging environment for emerging markets. As such, we see the bear-market nature in the AUD, making it more reactive to negative news, likely to persist”.
AUD/USD key levels
As of writing the pair is losing 0.43% at 0.9117 and a breach of 0.9075 (low Dec.10) would aim for 0.9070 (low Dec.9) and finally 0.9000 (psychological level). On the upside, the initial hurdle aligns at 0.9168 (high Dec.10) followed by 0.9169 (high Dec.2) and then 0.9204 (high Nov.26).