8 Jul 2014
AUD/USD firmer, eyes on 0.9400
FXStreet (Edinburgh) - The Aussie dollar is trading in a firmer footing on Tuesday, pushing the AUD/USD to session highs in the vicinity of 0.9400 the figure.
AUD/USD lifted by data
Against the backdrop of low volatility, scarce data releases and the remaining effects of Friday’s US Payrolls, the AUD managed to pick up pace and partially recover from last week’s drop from highs above the 0.9500 handle. Data wise in Oz, the Business Confidence tracked by NAB improved to 8 in June from 7 previous and Business Conditions also climbed to 2 from -1, giving extra support to the Aussie. “Unless the Australian jobs report on Thu is super strong, pricing of 50% chance of a rate cut by Dec should persist. This should keep AUD crosses under pressure”, commented analysts at Westpac.
AUD/USD key levels
As of writing the pair is advancing 0.17% at 0.9389 with the next resistance at 0.9443 (high Jul.3) followed by 0.9499 (high Jul.2) and finally 0.9505 (high Jul.1). On the flip side, a breakdown of 0.9344 (low Jul.4) would expose 0.9341 (50-d MA) and then 0.9327 (low Jul.3).
AUD/USD lifted by data
Against the backdrop of low volatility, scarce data releases and the remaining effects of Friday’s US Payrolls, the AUD managed to pick up pace and partially recover from last week’s drop from highs above the 0.9500 handle. Data wise in Oz, the Business Confidence tracked by NAB improved to 8 in June from 7 previous and Business Conditions also climbed to 2 from -1, giving extra support to the Aussie. “Unless the Australian jobs report on Thu is super strong, pricing of 50% chance of a rate cut by Dec should persist. This should keep AUD crosses under pressure”, commented analysts at Westpac.
AUD/USD key levels
As of writing the pair is advancing 0.17% at 0.9389 with the next resistance at 0.9443 (high Jul.3) followed by 0.9499 (high Jul.2) and finally 0.9505 (high Jul.1). On the flip side, a breakdown of 0.9344 (low Jul.4) would expose 0.9341 (50-d MA) and then 0.9327 (low Jul.3).