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12 Sep 2013
AUD/USD regains 0.9280
FXstreet.com (Edinburgh) -The Aussie dollar found some buying interest below 0.9240, lifting the AUD/USD to the current vicinity of 0.9280 on Thursday.
AUD/USD remains offered
The bearish tone around the AUD prevails however, after miserable jobs data in the domestic economy dragged the pair from overnight peaks beyond 0.9350, erasing yesterday’s gains. Strategists G.Yu and G.Berry at UBS assessed, “We doubt the AUDUSD rebound over the past two weeks has much further to run. What is likely to be a dovish set of RBA minutes next week would likely reinforce suspicions that the central bank maintains a medium-term easing bias. Furthermore, if the FOMC announces a taper on Sep 18 as UBS Economics expects, the conditions would likely then be in place for AUDUSD to tradeback below 0.90 again over time, and towards our 1m and 3m targets of 0.88”.
AUD/USD levels to consider
The pair is now retreating 0.57% at 0.9275 with the next support at 0.9216 (low Sep.10) ahead of 0.9167 (low Sep.9) and then 0.9156 (MA10d). On the upside, a break above 0.9320 (daily cloud top) would aim for 0.9355 (high Sep.11) and finally 0.9431 (61.8% of 0.9792-0.8848).
AUD/USD remains offered
The bearish tone around the AUD prevails however, after miserable jobs data in the domestic economy dragged the pair from overnight peaks beyond 0.9350, erasing yesterday’s gains. Strategists G.Yu and G.Berry at UBS assessed, “We doubt the AUDUSD rebound over the past two weeks has much further to run. What is likely to be a dovish set of RBA minutes next week would likely reinforce suspicions that the central bank maintains a medium-term easing bias. Furthermore, if the FOMC announces a taper on Sep 18 as UBS Economics expects, the conditions would likely then be in place for AUDUSD to tradeback below 0.90 again over time, and towards our 1m and 3m targets of 0.88”.
AUD/USD levels to consider
The pair is now retreating 0.57% at 0.9275 with the next support at 0.9216 (low Sep.10) ahead of 0.9167 (low Sep.9) and then 0.9156 (MA10d). On the upside, a break above 0.9320 (daily cloud top) would aim for 0.9355 (high Sep.11) and finally 0.9431 (61.8% of 0.9792-0.8848).