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25 Nov 2013
AUD/USD in multi-week lows near 0.9130
FXstreet.com (Edinburgh) - The Aussie dollar keeps losing ground on Monday, dragging the AUD/USD to the area of 0.9130/25, levels last seen in early September.
AUD/USD hurt by RBA’s ‘intervention’
The selling pressure around the AUD induced by the clear RBA intentions of a weaker currency has intensified in the recent sessions, extending the deep correction from late October’s peaks in the vicinity of 0.9760. Emmanuel Ng, Strategist at OCBC Bank, commented, “The RBA’s Stevens used the “intervention” word again in comments on Friday and expect the AUD to continue to remain tender in the near term. On the CFTC front, net speculative AUD shorts were pared slightly in the latest week but note that this data pre-dated the most recent jawboning from the RBA. We stay negative on the pair with our objective at 0.9125 in sight”.
AUD/USD key levels
At the moment the pair is losing 0.37% at 0.9131 with the next support at 0.9115 (low Sep.6) ahead of 0.9038 (low Sep.4). On the upside, a break above 0.9335 (high Nov.21) would clear the way to 0.9448 (high Nov.20) and then 0.9530 (high sep.18).
AUD/USD hurt by RBA’s ‘intervention’
The selling pressure around the AUD induced by the clear RBA intentions of a weaker currency has intensified in the recent sessions, extending the deep correction from late October’s peaks in the vicinity of 0.9760. Emmanuel Ng, Strategist at OCBC Bank, commented, “The RBA’s Stevens used the “intervention” word again in comments on Friday and expect the AUD to continue to remain tender in the near term. On the CFTC front, net speculative AUD shorts were pared slightly in the latest week but note that this data pre-dated the most recent jawboning from the RBA. We stay negative on the pair with our objective at 0.9125 in sight”.
AUD/USD key levels
At the moment the pair is losing 0.37% at 0.9131 with the next support at 0.9115 (low Sep.6) ahead of 0.9038 (low Sep.4). On the upside, a break above 0.9335 (high Nov.21) would clear the way to 0.9448 (high Nov.20) and then 0.9530 (high sep.18).