Back
24 Feb 2014
AUD/USD bounces off 0.8940
FXStreet (Edinburgh) - After bottoming out in the 0.8940 region on Monday, the AUD/USD managed to reclaim some lost ground climbing to the 0.8965/70 area.
AUD/USD weaker on risk aversion
The Aussie dollar is starting the week on the back foot, down from the boundaries of 0.8990 overnight to sub-0.8940 levels at the end of the Asian session. No data in Oz today would leave spot to the mercy of risk trends while US regional manufacturing/activity indices plus the Markit Services PMI are all due across the pond. “Australia’s domestic story remains broadly supportive of AUD, with the RBA minutes confirming its optimism that low rates are having the desired economic impact and no sign of resumption of jawboning on AUD. We retain a positive bias on AUD/USD for the week ahead, albeit with a potential small setback on a lukewarm capex report (Thu)”, commented analysts at Westpac Global Strategy Group.
AUD/USD key levels
The pair is now flat at 0.8966 with the next resistance at 0.9023 (high Feb.20) ahead of 0.9044 (high Feb.19) and then 0.9081 (high Feb.18). On the downside, a break below 0.9000 (psychological level) would expose 0.8937 (low Feb.20) and finally 0.8928 (low Feb.13).
AUD/USD weaker on risk aversion
The Aussie dollar is starting the week on the back foot, down from the boundaries of 0.8990 overnight to sub-0.8940 levels at the end of the Asian session. No data in Oz today would leave spot to the mercy of risk trends while US regional manufacturing/activity indices plus the Markit Services PMI are all due across the pond. “Australia’s domestic story remains broadly supportive of AUD, with the RBA minutes confirming its optimism that low rates are having the desired economic impact and no sign of resumption of jawboning on AUD. We retain a positive bias on AUD/USD for the week ahead, albeit with a potential small setback on a lukewarm capex report (Thu)”, commented analysts at Westpac Global Strategy Group.
AUD/USD key levels
The pair is now flat at 0.8966 with the next resistance at 0.9023 (high Feb.20) ahead of 0.9044 (high Feb.19) and then 0.9081 (high Feb.18). On the downside, a break below 0.9000 (psychological level) would expose 0.8937 (low Feb.20) and finally 0.8928 (low Feb.13).