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11 Mar 2014
AUD/USD dips below 0.9000
FXStreet (Edinburgh) - The selling pressure is now picking up pace around the AUD/USD, quickly losing ground to the 0.8985/80 region.
AUD/USD in weekly lows
Spot seems to have found support in the 0.8980 region, at least is not falling any further, recovering some pips to the 0.8990 level. Ahead in the day in the Australian docket, Consumer Confidence gauged by Westpac is due ahead of Home Loans figures, all preceding the key employment figures on Thursday. Further significant releases will be the Chinese Retail Sales and Industrial Production figures for January. “We remain bearish on the AUD over the year, anticipating slowing growth in China to restrain confidence in Australia, and a recovery to build in the US, supporting the USD. However, in the near term AUD may hold firm and react to better than expected employment report on Thursday”, commented Greg Gibbs, FX Strategist at RBS.
AUD/USD key levels
The pair is now losing 0.41% at 0.8984 and a breakdown of 0.8973 (low Mar.6) would aim for 0.8934 (low Mar.5) and then 0.8926 (50-d MA). On the upside, the initial hurdle aligns at 0.9064 (high Mar.19) followed by 0.9135 (high Mar.7) and then 0.9152 (high Dec.11).
AUD/USD in weekly lows
Spot seems to have found support in the 0.8980 region, at least is not falling any further, recovering some pips to the 0.8990 level. Ahead in the day in the Australian docket, Consumer Confidence gauged by Westpac is due ahead of Home Loans figures, all preceding the key employment figures on Thursday. Further significant releases will be the Chinese Retail Sales and Industrial Production figures for January. “We remain bearish on the AUD over the year, anticipating slowing growth in China to restrain confidence in Australia, and a recovery to build in the US, supporting the USD. However, in the near term AUD may hold firm and react to better than expected employment report on Thursday”, commented Greg Gibbs, FX Strategist at RBS.
AUD/USD key levels
The pair is now losing 0.41% at 0.8984 and a breakdown of 0.8973 (low Mar.6) would aim for 0.8934 (low Mar.5) and then 0.8926 (50-d MA). On the upside, the initial hurdle aligns at 0.9064 (high Mar.19) followed by 0.9135 (high Mar.7) and then 0.9152 (high Dec.11).