30 Oct 2013
AUD/USD looking for a breakout lower?
FXstreet.com (London) - AUD/USD has been attempting to break lower and away from the 0.95 handle after scoring a high of 0.9518.
The pair is currently trading 0.9488/90 while in Australia new home sales rose 6.4% in September to reach a 27-month high. “Clearly accommodative monetary policy is continuing to gain traction, as reinforced by RBA Governor Stevens’ upbeat speech yesterday”, explained research teams at TD Securities. Meanwhile, the Fed will remain squarely in the market’s sights, explained Cristian Maggio. ”The one-week delay in the release of the October nonfarm payrolls report to November 8th should give ADP another month in the spotlight as the market continues to assess the impact of the shutdown on economic activity. We expect a lackluster 150K rise in ADP following last month’s 166K increase, though the bias is tilted to the downside given the potential for a greater than anticipated impact from the government shutdown. While the market could come away disappointed if the print comes in below expectations, we suspect that a below-consensus print may be partly discounted by the market as being transitory. The delayed September CPI report will also be closely watched, though with both the headline and core indices set to rise 0.2% m/m and pipeline inflation pressures remaining low, we believe the inflation print may do little to move markets”.
AUD/USD Levels
The 20 DMA is 0.9527, the 50 DMA is 0.9337 and the 200 DMA is 0.9729. RSI (14) reads 50.52. Supports are ascending from 0.9367, 0.9389, 0.9410 and 0.9459. Spot is currently trading 0.9490 while resistances are 0.9518, 0.9556, 0.9595 and 0.9624.
The pair is currently trading 0.9488/90 while in Australia new home sales rose 6.4% in September to reach a 27-month high. “Clearly accommodative monetary policy is continuing to gain traction, as reinforced by RBA Governor Stevens’ upbeat speech yesterday”, explained research teams at TD Securities. Meanwhile, the Fed will remain squarely in the market’s sights, explained Cristian Maggio. ”The one-week delay in the release of the October nonfarm payrolls report to November 8th should give ADP another month in the spotlight as the market continues to assess the impact of the shutdown on economic activity. We expect a lackluster 150K rise in ADP following last month’s 166K increase, though the bias is tilted to the downside given the potential for a greater than anticipated impact from the government shutdown. While the market could come away disappointed if the print comes in below expectations, we suspect that a below-consensus print may be partly discounted by the market as being transitory. The delayed September CPI report will also be closely watched, though with both the headline and core indices set to rise 0.2% m/m and pipeline inflation pressures remaining low, we believe the inflation print may do little to move markets”.
AUD/USD Levels
The 20 DMA is 0.9527, the 50 DMA is 0.9337 and the 200 DMA is 0.9729. RSI (14) reads 50.52. Supports are ascending from 0.9367, 0.9389, 0.9410 and 0.9459. Spot is currently trading 0.9490 while resistances are 0.9518, 0.9556, 0.9595 and 0.9624.