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31 Oct 2013
AUD/USD attempting to resume major downside?
FXstreet.com (London) - AUD/USD is losing more ground as the session continues and attempting to break through the 0.9450 support ahead of the handle.
However, Marcin Budkiewicz, Strategist, Rates and FX Research at TD Securities explained building approvals provided the sticker shock, up an outsized +14.4%/mth (prior:-4.7%, mkt:2.8%) and terms of trade fell -1.9% QoQ in Sep with export prices +4.2%/qtr being overshadowed by a +6.1% jump in import prices, due to the depreciation of the AUD in the prior qtr. Meanwhile, Research teams at BBH explained that despite the knee-jerk positive reaction, the FOMC decision to keep policy steady yesterday should eventually bring back into focus the major negative factor for the dollar.
AUD/USD Levels
The 20 DMA is 0.9532, the 50 DMA is 0.9347 and the 200 DMA is 0.9724. RSI (14) reads 35.72. Supports are ascending from 0.9334, 0.9410 and 0.9441. Spot is 0.9450 while resistances are 0.9488, 0.9517, 0.9560, 0.9585 and 0.9624.
However, Marcin Budkiewicz, Strategist, Rates and FX Research at TD Securities explained building approvals provided the sticker shock, up an outsized +14.4%/mth (prior:-4.7%, mkt:2.8%) and terms of trade fell -1.9% QoQ in Sep with export prices +4.2%/qtr being overshadowed by a +6.1% jump in import prices, due to the depreciation of the AUD in the prior qtr. Meanwhile, Research teams at BBH explained that despite the knee-jerk positive reaction, the FOMC decision to keep policy steady yesterday should eventually bring back into focus the major negative factor for the dollar.
AUD/USD Levels
The 20 DMA is 0.9532, the 50 DMA is 0.9347 and the 200 DMA is 0.9724. RSI (14) reads 35.72. Supports are ascending from 0.9334, 0.9410 and 0.9441. Spot is 0.9450 while resistances are 0.9488, 0.9517, 0.9560, 0.9585 and 0.9624.