7 Feb 2014
AUD/USD settling middle of range
FXStreet (Guatemala) - AUD/USD is settling up for the middle of todays range post a volatile day that took the Aussie between 0.8930 and just a pip shy of the 0.90 handle.
AUD/USD’s main event on the day was the disappointment tin the Nonfarm Payrolls at 113k versus a consensus of 185k. Meanwhile, markets are also taking note of the recent RBA Statement on Monetary Policy. Strategists at TD Securities noted the GDP and CPI upgrades across the board by 0.25% out to 2016 and that trend growth will not be seen until mid-2015. “The RBA again noted that a lower exchange rate will assist in rebalancing the economy, but given it isn’t or won’t be in a position to do much about it, we expect the RBA will again wait for the U.S. Federal Reserve to continue to withdraw stimulus, boosting the USD and taking the heat out of the AUD. We target $US0.87 by year end”.
AUD/USD Levels
The 20 DMA is 0.8840, the 50 DMA is 0.8917 and the 200 DMA is 0.9258. RSI (14) reads 53.67. Supports are ascending from 0.8770, 0.8821, 0.8865, 0.8896. Spot is 0.8960 with resistances at 0.8981, 0.9009, 0.9045 and 0.9087.
AUD/USD’s main event on the day was the disappointment tin the Nonfarm Payrolls at 113k versus a consensus of 185k. Meanwhile, markets are also taking note of the recent RBA Statement on Monetary Policy. Strategists at TD Securities noted the GDP and CPI upgrades across the board by 0.25% out to 2016 and that trend growth will not be seen until mid-2015. “The RBA again noted that a lower exchange rate will assist in rebalancing the economy, but given it isn’t or won’t be in a position to do much about it, we expect the RBA will again wait for the U.S. Federal Reserve to continue to withdraw stimulus, boosting the USD and taking the heat out of the AUD. We target $US0.87 by year end”.
AUD/USD Levels
The 20 DMA is 0.8840, the 50 DMA is 0.8917 and the 200 DMA is 0.9258. RSI (14) reads 53.67. Supports are ascending from 0.8770, 0.8821, 0.8865, 0.8896. Spot is 0.8960 with resistances at 0.8981, 0.9009, 0.9045 and 0.9087.