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4 Aug 2014
AUD/USD supported near 0.9300
FXStreet (Edinburgh) - The Aussie dollar remains unable to gather further traction on Monday, with the AUD/USD keeping the trading around the 0.9300 handle so far.
AUD/USD focus on RBA
Very interesting week ahead for the AUD, as trade balance results and the RBA monetary policy meeting are due tomorrow, along with the services PMI print from the Chinese economy. In the second half of the week, critical employment figures in Oz, Home Loans and the RBA Monetary Policy Statement will set the pace for the AUD’s price action. “While the spot market bounced modestly Friday from minor pullback support at 0.9288, the rebound was capped in the low 0.93 area (the 0.9330 support point now becomes resistance), technical progress downside should continue towards the next support zone around 0.92 (Q2 lows at 0.9205 and 38.2% Fibonacci retracement derived from the 0.8660/0.95 rally at 0.9182) in the week ahead”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
AUD/USD key levels
The pair is now flat at 0.9313 with the immediate support at 0.9275 (low Aug.1) followed by 0.9257 (low Jun.5) and finally 0.9253 (low Jun.4). On the flip side, a breakout of 0.9336 (high Aiug.1) would open the door to 0.9390 (high Jul.30) and then 0.9416 (high Jul.29).
AUD/USD focus on RBA
Very interesting week ahead for the AUD, as trade balance results and the RBA monetary policy meeting are due tomorrow, along with the services PMI print from the Chinese economy. In the second half of the week, critical employment figures in Oz, Home Loans and the RBA Monetary Policy Statement will set the pace for the AUD’s price action. “While the spot market bounced modestly Friday from minor pullback support at 0.9288, the rebound was capped in the low 0.93 area (the 0.9330 support point now becomes resistance), technical progress downside should continue towards the next support zone around 0.92 (Q2 lows at 0.9205 and 38.2% Fibonacci retracement derived from the 0.8660/0.95 rally at 0.9182) in the week ahead”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
AUD/USD key levels
The pair is now flat at 0.9313 with the immediate support at 0.9275 (low Aug.1) followed by 0.9257 (low Jun.5) and finally 0.9253 (low Jun.4). On the flip side, a breakout of 0.9336 (high Aiug.1) would open the door to 0.9390 (high Jul.30) and then 0.9416 (high Jul.29).