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9 Sep 2013
AUD/USD over extended, RSI 69
FXstreet.com (London) - AUD/USD may have run its course for the time being, without there being any further stimulus for the pair, offers are attracted at 0.9240.
AUD/USD amongst the CAD and NZD, was outperforming last week and has continued on the bid into this weeks sessions. However, it has been capped at the highs 0.9244 and awaits the NAB Business Confidence and Conditions tonight. Meanwhile, “Chinese economic data for August reflected slightly lower inflationary pressures (CPI 2.6%) and better trade (surplus of USD28.5bn) on relatively better export growth. Then, the Australian election produced the expected win for the Liberal-National coalition over the ruling Labour but PM-elect Abbott may need the support of minor parties in the Senate to push through his agenda. The AUD is supported by the election and Chinese data. Gains through 0.9250 should be more AUD-supportive. A somewhat disappointing NFP result last Friday should not derail the Fed’s tapering agenda next week but the speculation about what form the taper will take remains highly debatable”, reported research teams at TD Securities.
AUD/USD losing steam ahead of RSI 70
“AUD/USD has found support at the 55 day ma at .9114. The near term risk has increased for further gains to the .9233/58 mid-August high and the 23.6% retracement. Key resistance remains at .9388/.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside” – Karen Jones, Chief Strategist at Commerzbank. The 20 DMA is .9062, the 50 DMA is .9100 and the 200 DMA is .9915. RSI (14) reads 69, just below the critical 70 mark indicating the pair is losing momentum. Supports are ascending from .9010, .9038, .9063, .9115 and .9190. Spot is currently .9235 while resistances are .9258, .9320 and .9325.
AUD/USD amongst the CAD and NZD, was outperforming last week and has continued on the bid into this weeks sessions. However, it has been capped at the highs 0.9244 and awaits the NAB Business Confidence and Conditions tonight. Meanwhile, “Chinese economic data for August reflected slightly lower inflationary pressures (CPI 2.6%) and better trade (surplus of USD28.5bn) on relatively better export growth. Then, the Australian election produced the expected win for the Liberal-National coalition over the ruling Labour but PM-elect Abbott may need the support of minor parties in the Senate to push through his agenda. The AUD is supported by the election and Chinese data. Gains through 0.9250 should be more AUD-supportive. A somewhat disappointing NFP result last Friday should not derail the Fed’s tapering agenda next week but the speculation about what form the taper will take remains highly debatable”, reported research teams at TD Securities.
AUD/USD losing steam ahead of RSI 70
“AUD/USD has found support at the 55 day ma at .9114. The near term risk has increased for further gains to the .9233/58 mid-August high and the 23.6% retracement. Key resistance remains at .9388/.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside” – Karen Jones, Chief Strategist at Commerzbank. The 20 DMA is .9062, the 50 DMA is .9100 and the 200 DMA is .9915. RSI (14) reads 69, just below the critical 70 mark indicating the pair is losing momentum. Supports are ascending from .9010, .9038, .9063, .9115 and .9190. Spot is currently .9235 while resistances are .9258, .9320 and .9325.