26 Sep 2013
AUD/USD falling amidst stronger greenback recovery
FXstreet.com (Athens) – The AUD/USD is heading downwards ahead of US data, amidst a feeling for another upward revision of US GDP data.
AUD/USD not exactly excited despite the high job vacancies print report.
The AUD/USD managed to touch the 0.9400 area, after Australia posted its first quarterly positive job vacancy print in three quarters but now hovering lower enough at 0.9375 area, ahead of US data. While the market might seem to be more focused on the debt ceiling debate that looms in the coming weeks, the last couple of hours it seems that the American dollar is widely strengthened across the board, dragging down the pair. One good enough reason for the greenback strengthening is that we are ahead of US GDP data. Obviously, if the third reading of the US GDP number is released upwards it would probably spur a more meaningful recovery in the greenback as it dampens the Fed’s scope to retain its highly accommodative monetary policy. Generally speaking, while we witnessed a soft support for the Aussie since the opening of the Asian trading session (due to Australian job report data), the Aussie downtrend from the 0.9529 high seen last week remains well in place.
Technical Analysis and Strategic Bias on AUD/USD
Karen Jones, Head Technical Analyst at Commerzbank suggests that “continues to slide back towards the 0.9318 July high. While it is likely to consolidate here, it needs to hold over the 0.9318 level. Failure here will imply a loss of momentum and potential for a slide back to the .9233 August high, then .9160 55 day ma.”
AUD/USD not exactly excited despite the high job vacancies print report.
The AUD/USD managed to touch the 0.9400 area, after Australia posted its first quarterly positive job vacancy print in three quarters but now hovering lower enough at 0.9375 area, ahead of US data. While the market might seem to be more focused on the debt ceiling debate that looms in the coming weeks, the last couple of hours it seems that the American dollar is widely strengthened across the board, dragging down the pair. One good enough reason for the greenback strengthening is that we are ahead of US GDP data. Obviously, if the third reading of the US GDP number is released upwards it would probably spur a more meaningful recovery in the greenback as it dampens the Fed’s scope to retain its highly accommodative monetary policy. Generally speaking, while we witnessed a soft support for the Aussie since the opening of the Asian trading session (due to Australian job report data), the Aussie downtrend from the 0.9529 high seen last week remains well in place.
Technical Analysis and Strategic Bias on AUD/USD
Karen Jones, Head Technical Analyst at Commerzbank suggests that “continues to slide back towards the 0.9318 July high. While it is likely to consolidate here, it needs to hold over the 0.9318 level. Failure here will imply a loss of momentum and potential for a slide back to the .9233 August high, then .9160 55 day ma.”