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13 Aug 2013
AUD/USD steady on the bid
FXstreet.com (Barcelona) - AUD/USD has been a quiet play since rising from the lows overnight and moving away from the 0.9100 handle.
The pair has been kept to a tight 20 pip range and is traiding 0.9130 ahead of the US data releases coming up, with Retail Sales for July in focus. Jacqui Douglas, Senior Global Strategist, Rates and FX Research at TD Securities said “The NAB business conditions index remained at -7 in August, a four-year low, while business confidence slipped 3pts to -3, the lowest level since November 2012. Both remain well below their long-run average of around +6. The survey is consistent with the economy in the midst of a soft patch, and helps explain the RBA’s unexpected 2013 GDP downgrade last Friday, from 2.75% to 2.25%. We believe that only a strong majority government post Sep 7 could provide the catalyst for a revival in business confidence”.
AUD/USD bearish
Analyst, Axel Rudolph, strategist at Commerzbank said” longer term we remain negative and our downside target is seen at 0.8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700. While capped by key resistance at .9388/.9404 (2011 low and 2009 high), our downside bias will persist”. The 20 dma reads 0.9118, 50 dma 0.9226, 200 dma 1.0044. RSI reads 52.22. Supports are ascending from 0.8972, 0.9006, 0.9044, 0.9080. Spot is 0.9135 while resistances are 0.9258, 0.9296 and 0.9320.
The pair has been kept to a tight 20 pip range and is traiding 0.9130 ahead of the US data releases coming up, with Retail Sales for July in focus. Jacqui Douglas, Senior Global Strategist, Rates and FX Research at TD Securities said “The NAB business conditions index remained at -7 in August, a four-year low, while business confidence slipped 3pts to -3, the lowest level since November 2012. Both remain well below their long-run average of around +6. The survey is consistent with the economy in the midst of a soft patch, and helps explain the RBA’s unexpected 2013 GDP downgrade last Friday, from 2.75% to 2.25%. We believe that only a strong majority government post Sep 7 could provide the catalyst for a revival in business confidence”.
AUD/USD bearish
Analyst, Axel Rudolph, strategist at Commerzbank said” longer term we remain negative and our downside target is seen at 0.8550, the 50% retracement of the move up from 2008. Our longer term downside target measured from the top is 0.7700. While capped by key resistance at .9388/.9404 (2011 low and 2009 high), our downside bias will persist”. The 20 dma reads 0.9118, 50 dma 0.9226, 200 dma 1.0044. RSI reads 52.22. Supports are ascending from 0.8972, 0.9006, 0.9044, 0.9080. Spot is 0.9135 while resistances are 0.9258, 0.9296 and 0.9320.