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9 Sep 2013
AUD/USD in good mood around 0.9200
FXstreet.com (Edinburgh) -The Aussie dollar is hovering over the key 0.9200 handle on Monday, lifting the AUD/USD from lows around 0.9170 on better Chinese trade data over the weekend.
AUD/USD propped by data, elections
Broadly in line with market consensus, the Conservative Party won the elections in Australia, giving PM-elect Abott majority in the lower house. The bid tone in the AUD also found support from the Chinese wider trade surplus, despite the mixed message from higher exports and lower imports. In the opinion of the Westpac Global Strategy Group, “A clear break of 0.9230 would be significant technically, opening up a run at 0.9300/20. However our main bias is towards wary range trading. Commodity prices have become more mixed and the local calendar is unlikely to help AUD’s cause, with the unemployment rate set to rise to a 4 year high… Buyers to re-emerge around 0.9050/75 in a week that could be choppy on US/Syria headlines”.
AUD/USD critical levels
The pair is now advancing 0.16% at 0.9204 with the next resistance at 0.9218 (high Sep.6) followed by 0.9234 (high Aug.19) and then 0.9257 (23.6% of 1.0583-0.8848). On the downside, a breach of 0.9115 (lows Sep.5/6) would bring 0.9113 3 (MA55d) and finally 0.9087 (hourly low Sep.4).
AUD/USD propped by data, elections
Broadly in line with market consensus, the Conservative Party won the elections in Australia, giving PM-elect Abott majority in the lower house. The bid tone in the AUD also found support from the Chinese wider trade surplus, despite the mixed message from higher exports and lower imports. In the opinion of the Westpac Global Strategy Group, “A clear break of 0.9230 would be significant technically, opening up a run at 0.9300/20. However our main bias is towards wary range trading. Commodity prices have become more mixed and the local calendar is unlikely to help AUD’s cause, with the unemployment rate set to rise to a 4 year high… Buyers to re-emerge around 0.9050/75 in a week that could be choppy on US/Syria headlines”.
AUD/USD critical levels
The pair is now advancing 0.16% at 0.9204 with the next resistance at 0.9218 (high Sep.6) followed by 0.9234 (high Aug.19) and then 0.9257 (23.6% of 1.0583-0.8848). On the downside, a breach of 0.9115 (lows Sep.5/6) would bring 0.9113 3 (MA55d) and finally 0.9087 (hourly low Sep.4).