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11 Feb 2014
AUD/USD back to 0.9000
FXStreet (Edinburgh) - The Aussie dollar is now returning to the vicinity of the critical mark at 0.9000, dragging the AUD/USD off overnight highs near 0.9020.
AUD/USD boosted by data
Better reading from the NAB’s Business Confidence and Conditions for the month of January eclipsed the contraction in Home Loans during December (1.9%), propelling the pair almost 80 pips in the Asian morning. “We doubt the latest upswing in the AUD will last with levels above 90 seen as too high by the RBA and likely to dampen the recent lift in activity and confidence. However, in the near term there is scope for a further rise in the AUD to squeeze out short positions; key will be the employment data on Thursday”, assessed Greg Gibbs, FX Strategist at RBS.
AUD/USD key levels
The pair is now up 0.60% at 0.9003 with the next resistance at 0.9015 (high Feb.11) followed by 0.9058 (high Jan.14) and then 0.9087 (high Jan.13). On the downside, a breach of 0.8907 (low Feb.10) would open the door to 0.8873 (low Feb.5) and finally 0.8730 (low Feb.4).
AUD/USD boosted by data
Better reading from the NAB’s Business Confidence and Conditions for the month of January eclipsed the contraction in Home Loans during December (1.9%), propelling the pair almost 80 pips in the Asian morning. “We doubt the latest upswing in the AUD will last with levels above 90 seen as too high by the RBA and likely to dampen the recent lift in activity and confidence. However, in the near term there is scope for a further rise in the AUD to squeeze out short positions; key will be the employment data on Thursday”, assessed Greg Gibbs, FX Strategist at RBS.
AUD/USD key levels
The pair is now up 0.60% at 0.9003 with the next resistance at 0.9015 (high Feb.11) followed by 0.9058 (high Jan.14) and then 0.9087 (high Jan.13). On the downside, a breach of 0.8907 (low Feb.10) would open the door to 0.8873 (low Feb.5) and finally 0.8730 (low Feb.4).