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28 Aug 2013
AUD/USD looking to stabilize around 0.8950
FXstreet.com (Edinburgh) -Buyers turned up in the boundaries of 0.8900 the figure on Wednesday, giving some oxygen to the beleaguered Aussie dollar and lifting the AUD/USD to the current 0.8950 region.
AUD/USD bearish intensified
The selling pressure around the AUD continues to dominate the more ample outlook on the pair, ahead of the key CAPEX data due tomorrow, where market consensus expects a 0.2% advance during the second quarter. According to gareth Berry, Strategist at UBS, “The RBA hopes that non-mining sectors of the economy will step up and make a greater contribution as the mining investment boom recedes. It’s probably too soon to see firm evidence of such a transition in Thursday’s edition of the survey, but if capex spending intentions by other sectors of the economy were to rise significantly, then that could provide a counterbalance to any mining-induced currency weakness. We maintain our 1m and 3m AUDUSD forecasts at 0.88”.
AUD/USD levels to watch
The pair is now retreating 0.44% at 0.8945 facing the next support at 0.8848 (2013 lows Aug.5) followed by 0.8846 (low Aug.27 2010) and finally 0.8830 (low Aug.26 2010). On the upside, a break above 0.8985 9high Aug.28) would open the door to 0.9030 (high Aug.27) and finally 0.9047 (MA10d).
AUD/USD bearish intensified
The selling pressure around the AUD continues to dominate the more ample outlook on the pair, ahead of the key CAPEX data due tomorrow, where market consensus expects a 0.2% advance during the second quarter. According to gareth Berry, Strategist at UBS, “The RBA hopes that non-mining sectors of the economy will step up and make a greater contribution as the mining investment boom recedes. It’s probably too soon to see firm evidence of such a transition in Thursday’s edition of the survey, but if capex spending intentions by other sectors of the economy were to rise significantly, then that could provide a counterbalance to any mining-induced currency weakness. We maintain our 1m and 3m AUDUSD forecasts at 0.88”.
AUD/USD levels to watch
The pair is now retreating 0.44% at 0.8945 facing the next support at 0.8848 (2013 lows Aug.5) followed by 0.8846 (low Aug.27 2010) and finally 0.8830 (low Aug.26 2010). On the upside, a break above 0.8985 9high Aug.28) would open the door to 0.9030 (high Aug.27) and finally 0.9047 (MA10d).