27 Jun 2013
AUD/USD through 0.9300
FXstreet.com (London) - AUD/USD is turning lower to meet 0.9280 support through the figure.
Overall, and despite this near term rally at month end, The Fed’s actions in regards to the intent of normalising policy has given the green light for the bears to punish the pair towards targets in the 0.8000’s, on a broader basis. The daily chart very clearly indicates the direction of this pair, and the weekly opens up the potential in the near term. Support and psychological level comes at 0.9000 with congestion built there between 2009 and 2010. In the near term, yes, the pair has rallied this week, while Fed officials retracted some of the hawkishness around previous statements at the time of the FOMC, and Chinese rates also stabilised. However, while Chinese equities likely to continue to under-perform and when authorities begin to encourage further tightening, a weak growth environment will bode very poorly for Australia.
AUD/USD Levels
AUD/USD will find near term key support at 0.9280 and 0.9236 initially. Then opening up to target 0.9148/43. On the flipside, 0.9345 and 0.9410 come in as resistances. A move below 0.9000 is sighted by a number of banks to target 0.8500 in the medium term.
Overall, and despite this near term rally at month end, The Fed’s actions in regards to the intent of normalising policy has given the green light for the bears to punish the pair towards targets in the 0.8000’s, on a broader basis. The daily chart very clearly indicates the direction of this pair, and the weekly opens up the potential in the near term. Support and psychological level comes at 0.9000 with congestion built there between 2009 and 2010. In the near term, yes, the pair has rallied this week, while Fed officials retracted some of the hawkishness around previous statements at the time of the FOMC, and Chinese rates also stabilised. However, while Chinese equities likely to continue to under-perform and when authorities begin to encourage further tightening, a weak growth environment will bode very poorly for Australia.
AUD/USD Levels
AUD/USD will find near term key support at 0.9280 and 0.9236 initially. Then opening up to target 0.9148/43. On the flipside, 0.9345 and 0.9410 come in as resistances. A move below 0.9000 is sighted by a number of banks to target 0.8500 in the medium term.