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25 Nov 2013
AUD/USD regains 0.9150
FXstreet.com (Edinburgh) - Sellers seem to be giving some respite to the AUD now, as the AUD/USD managed to bounce off lows near 0.9120 and retake the area around the mid 0.91s.
AUD/USD bearish outlook prevails
The pair remains well into the negative territory on Monday, framed within the more ample correction lower from October’s tops around 0.9760. the offered tone has increased since RBA Governor G.Stevens did not rule out the likeliness of interventions to weaken the Aussie dollar. According to Jane Foley, Chief Strategist at Rabobank, “desperate times require desperate measures and the RBA is currently sandwiched between the real economy’s need for loose monetary conditions and the fear that lower interest rates could further boost household borrowing… we would question the ability of AUD/USD to fall much further on the risk of intervention near-term and expect some bargain hunting to lend support. This morning’s low at AUD/USD0.9120 is likely to offer technical support near-term”.
AUD/USD levels to watch
The pair is now retreating 0.14% at 0.9152 facing the next support at 0.9115 (low Sep.6) followed by 0.9038 (low Sep.4) and then 0.8973 (low sep.3). On the flip side, a breakout of 0.9249 (high Nov.22) would clear the way to 0.9335 (high Nov.21) and finally 0.9448 (high Nov.20).
AUD/USD bearish outlook prevails
The pair remains well into the negative territory on Monday, framed within the more ample correction lower from October’s tops around 0.9760. the offered tone has increased since RBA Governor G.Stevens did not rule out the likeliness of interventions to weaken the Aussie dollar. According to Jane Foley, Chief Strategist at Rabobank, “desperate times require desperate measures and the RBA is currently sandwiched between the real economy’s need for loose monetary conditions and the fear that lower interest rates could further boost household borrowing… we would question the ability of AUD/USD to fall much further on the risk of intervention near-term and expect some bargain hunting to lend support. This morning’s low at AUD/USD0.9120 is likely to offer technical support near-term”.
AUD/USD levels to watch
The pair is now retreating 0.14% at 0.9152 facing the next support at 0.9115 (low Sep.6) followed by 0.9038 (low Sep.4) and then 0.8973 (low sep.3). On the flip side, a breakout of 0.9249 (high Nov.22) would clear the way to 0.9335 (high Nov.21) and finally 0.9448 (high Nov.20).