12 Nov 2013
AUD/USD eyes 93.00 figure on lackluster NAB data
FXstreet.com (Athens) – The AUD/USD is sitting slightly above the daily overnight low (0.9323), showing that a retreat to the 93.00 zone might be imminent.
AUD/USD flirts with 93.00 area due to NAB data, outperforming greenback
The AUD/USD was trading amidst a confined range area (0.9323 – 0.9373) in most of the Asian trading session; however the major point is that the Aussie was hovering around 0.9360 level when the NAB Business Confidence released to have fallen dramatically from 12 to 5, while the NAB Business Conditions remained lethargic at the very lackluster -4 (as the prior one). It seems that after the exceptional NFP data last week, the Aussie can’t help itself to recapture the 94.00 figure, while on the other hand there is a sense that China, the greatest trading partner of Australia, is ready to press the stop on its growth again. Last but not least, FOMC’s Fisher will speak later on today on the monetary policy pertaining to Australia.
Technical Aspects on the AUD/USD
It seem to be of major significance the fact that the cross made a decent break below the 0.9400 level (38.2% Fibonacci), which might lead the cross near to the next level of importance at 0.9302 (50% Fibonaaci). Taken for granted, that the cross is not far away from that levels, a clear daily break of the 0.9302 level, might drag the cross down to the 0.9195 (61.8% Fibonacci). On the upper level, the cross should plck up with courage to regain momentum in order to make a clear close above 0.9409, in order to move higher near 0.9500 zone.
AUD/USD flirts with 93.00 area due to NAB data, outperforming greenback
The AUD/USD was trading amidst a confined range area (0.9323 – 0.9373) in most of the Asian trading session; however the major point is that the Aussie was hovering around 0.9360 level when the NAB Business Confidence released to have fallen dramatically from 12 to 5, while the NAB Business Conditions remained lethargic at the very lackluster -4 (as the prior one). It seems that after the exceptional NFP data last week, the Aussie can’t help itself to recapture the 94.00 figure, while on the other hand there is a sense that China, the greatest trading partner of Australia, is ready to press the stop on its growth again. Last but not least, FOMC’s Fisher will speak later on today on the monetary policy pertaining to Australia.
Technical Aspects on the AUD/USD
It seem to be of major significance the fact that the cross made a decent break below the 0.9400 level (38.2% Fibonacci), which might lead the cross near to the next level of importance at 0.9302 (50% Fibonaaci). Taken for granted, that the cross is not far away from that levels, a clear daily break of the 0.9302 level, might drag the cross down to the 0.9195 (61.8% Fibonacci). On the upper level, the cross should plck up with courage to regain momentum in order to make a clear close above 0.9409, in order to move higher near 0.9500 zone.