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10 Sep 2013
AUD/USD eyes 0.9300 helped by China
FXstreet.com (Edinburgh) -The Aussie dollar continues to push higher on Tuesday, lifting the AUD/USD to the vicinity of the key resistance at 0.9300 boosted by Chinese data.
AUD/USD extends weekly gains
The pair is advancing for the second consecutive week, after finding solid support below the 0.8900 handle in previous weeks, although it faces a tough barrier ahead of the 0.9300/50 resistance band. Sean Callow, Strategist at Westpac, commented, “AUD/USD looks set for further gains near term, with the Fed unlikely to be aggressive in reducing QE, commodity prices resilient as Chinese growth stabilizes and the RBA seemingly not rushing to deliver another rate cut. AUD/USD now targets 0.9415 multi-day/week. A stretch target of 0.9510 indicated by charts would probably require a notably dovish FOMC. Beyond the 0.94 handle however, the threat of further RBA rate cuts will rise, with our base case a Nov easing, currently only 35% priced in. AUD/USD should be lower over say 3 months”.
AUD/USD levels to watch
The pair is now advancing 0.40% at 0.9265 with the next resistance at 0.9318 (high Jul.24) followed by 0.9344 (high Jun.26) and finally 0.9388 (2011 low). On the downside, a breach of 0.9115 (lows Sep.5/6) would bring 0.9113 3 (MA55d) and finally 0.9087 (hourly low Sep.4).
AUD/USD extends weekly gains
The pair is advancing for the second consecutive week, after finding solid support below the 0.8900 handle in previous weeks, although it faces a tough barrier ahead of the 0.9300/50 resistance band. Sean Callow, Strategist at Westpac, commented, “AUD/USD looks set for further gains near term, with the Fed unlikely to be aggressive in reducing QE, commodity prices resilient as Chinese growth stabilizes and the RBA seemingly not rushing to deliver another rate cut. AUD/USD now targets 0.9415 multi-day/week. A stretch target of 0.9510 indicated by charts would probably require a notably dovish FOMC. Beyond the 0.94 handle however, the threat of further RBA rate cuts will rise, with our base case a Nov easing, currently only 35% priced in. AUD/USD should be lower over say 3 months”.
AUD/USD levels to watch
The pair is now advancing 0.40% at 0.9265 with the next resistance at 0.9318 (high Jul.24) followed by 0.9344 (high Jun.26) and finally 0.9388 (2011 low). On the downside, a breach of 0.9115 (lows Sep.5/6) would bring 0.9113 3 (MA55d) and finally 0.9087 (hourly low Sep.4).