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27 Aug 2013
AUD/USD dips to lows around 0.8950
FXstreet.com (Edinburgh) -The bearishness surrounding the Aussie dollar is back, dragging the AUD/USD to the mid 0.89s and retreating for the second session in a row.
AUD/USD keeps pointing lower
The pair continues to retrace the bull attempt to the boundaries of 0.9230 seen in early August, after bottoming out around multi-year lows near 0.8830. According to Geoffrey Yu and Gareth Berry, Strategists at UBS, “UBS Australia Economics thinks that the RBA has probably done enough already, but warns that another cut is likely if (1) the unemployment rate does not settle below 6% and (2) domestic economic data does not improve more generally and (3) AUDUSD does not gradually ease towards 0.85”.
AUD/USD key levels
At the moment the pair is losing 0.79% at 0.8957 facing the next support at 0.8932 (low Aug.22) and then 0.8907 (low Aug.6). On the flip side, a breakout of 0.9057 (MA21d) would expose 0.9068 (high Aug.21) and finally 0.9069 (high Aug.26).
AUD/USD keeps pointing lower
The pair continues to retrace the bull attempt to the boundaries of 0.9230 seen in early August, after bottoming out around multi-year lows near 0.8830. According to Geoffrey Yu and Gareth Berry, Strategists at UBS, “UBS Australia Economics thinks that the RBA has probably done enough already, but warns that another cut is likely if (1) the unemployment rate does not settle below 6% and (2) domestic economic data does not improve more generally and (3) AUDUSD does not gradually ease towards 0.85”.
AUD/USD key levels
At the moment the pair is losing 0.79% at 0.8957 facing the next support at 0.8932 (low Aug.22) and then 0.8907 (low Aug.6). On the flip side, a breakout of 0.9057 (MA21d) would expose 0.9068 (high Aug.21) and finally 0.9069 (high Aug.26).