9 Dec 2013
AUD/USD dips to lows sub-0.9100
FXstreet.com (Edinburgh) - The Aussie dollar is trading on the softer side on Monday, dragging the AUD/USD to session lows around 0.9080.
AUD/USD trimming recent gains
The pair is giving away part of Friday’s gains despite the better-than-expected Chinese trade data over the weekend, including a record high iron ore imports from Australia. In the domestic data front, the immediate releases will be tomorrow’s Home Loans figures plus the Business Confidence sponsored by NAB. In the opinion of analysts at Westpac Global Strategy Group, “Our wary optimism last week was rewarded, with the Aussie rebounding sharply from another dip under 0.90 and now looking more comfortable in a rough 0.90 – 0.9270 range… Local news flow is mixed to somewhat positive, with Oct data better than Q3 (GDP) and the debt ceiling abolished just as evidence grows of foreign investors adding to AU bond holdings. With the China/iron ore story remaining solid, we see risks of a range-break still on the topside, say 0.93+ into early 2014”.
AUD/USD levels to watch
As of writing the pair is retreating 0.19% at 0.9084 with the immediate support at 0.9004 (low Dec.5) followed by 0.9000 (psychological level) and finally 0.8999 (low Dec.4). On the flip side, a breakout of 0.9118 (high Dec.6) would open the door to 0.9140 (high Dec.4) and then 0.9147 (high Dec.3).
AUD/USD trimming recent gains
The pair is giving away part of Friday’s gains despite the better-than-expected Chinese trade data over the weekend, including a record high iron ore imports from Australia. In the domestic data front, the immediate releases will be tomorrow’s Home Loans figures plus the Business Confidence sponsored by NAB. In the opinion of analysts at Westpac Global Strategy Group, “Our wary optimism last week was rewarded, with the Aussie rebounding sharply from another dip under 0.90 and now looking more comfortable in a rough 0.90 – 0.9270 range… Local news flow is mixed to somewhat positive, with Oct data better than Q3 (GDP) and the debt ceiling abolished just as evidence grows of foreign investors adding to AU bond holdings. With the China/iron ore story remaining solid, we see risks of a range-break still on the topside, say 0.93+ into early 2014”.
AUD/USD levels to watch
As of writing the pair is retreating 0.19% at 0.9084 with the immediate support at 0.9004 (low Dec.5) followed by 0.9000 (psychological level) and finally 0.8999 (low Dec.4). On the flip side, a breakout of 0.9118 (high Dec.6) would open the door to 0.9140 (high Dec.4) and then 0.9147 (high Dec.3).