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27 Nov 2013
AUD/USD supported around 0.9070
FXstreet.com (Edinburgh) - The AUD/USD keeps falling on Wednesday, although the intraday decline seems to have found some support around the 0.9070/65 area.
AUD/USD bearishness intact
The pair is posting the sixth consecutive decline so far, falling from October’s peaks near 0.9770. The increasing dovish tone from the RBA would be behind the steep descent, aggravated in recent sessions after Governor Stevens slipped the idea of ‘intervention’ in order to weaken the currency. The Capex results for the third quarter will be the main event Down Under tomorrow, and it would dictate the pair’s price action at least in the early Asian trade. Strategists at the Swiss lender UBS remain bearish on the par, arguing “with the MACD below its zero line and momentum falling, there’s scope for extension of the downtrend to the major support at 0.8848. Resistance is at 0.9204”.
AUD/USD levels to watch
As of writing the pair is down 0.53% at 0.9083 with the immediate support at 0.9038 (low Sep.4) ahead of the psychological mark at 0.9000. On the flip side, a break above 0.9204 (high Nov.26) would expose 0.9249 (high Nov.22) and finally 0.9355 (high Nov.21).
AUD/USD bearishness intact
The pair is posting the sixth consecutive decline so far, falling from October’s peaks near 0.9770. The increasing dovish tone from the RBA would be behind the steep descent, aggravated in recent sessions after Governor Stevens slipped the idea of ‘intervention’ in order to weaken the currency. The Capex results for the third quarter will be the main event Down Under tomorrow, and it would dictate the pair’s price action at least in the early Asian trade. Strategists at the Swiss lender UBS remain bearish on the par, arguing “with the MACD below its zero line and momentum falling, there’s scope for extension of the downtrend to the major support at 0.8848. Resistance is at 0.9204”.
AUD/USD levels to watch
As of writing the pair is down 0.53% at 0.9083 with the immediate support at 0.9038 (low Sep.4) ahead of the psychological mark at 0.9000. On the flip side, a break above 0.9204 (high Nov.26) would expose 0.9249 (high Nov.22) and finally 0.9355 (high Nov.21).