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18 Dec 2013
AUD/USD attempting upside through 0.89 handle
FXstreet.com (London) - AUD/USD was sub 0.8900 post the Australian budget projections and a firmer a dollar ahead of the FOMC tomorrow. The pair has since attempted climbing back onto the 0.89 handle while RBA Governor Glenn Stevens speaks in the Australian parliament before the House of Representatives’ Standing Committee on Economics.
AUD/USD had been grinding lower throughout this weeks session after Friday drop through the 0.90 handle. The pair is trading on the back foot after the Australian Treasury released their mid-year budget review . This event marked a weaker growth outlook in Australia. Lee Hardman, strategist at the Bank of Tokyo-Mitsubishi UFJ, Ltd explained “A weaker Australian dollar and RBA monetary easing will remain the main form of stimulus for the Australian economy going forward as it adjusts a slowdown in mining investment”. We had the RBA minutes of the board meeting that TD Securities strategists said revealed little new, door open to easing, concern about the exchange rate. In this moment the pair are oscillating around 0.8900 the figure as RBA Governor Glenn Stevens speaks in the Australian parliament before the House of Representatives’ Standing Committee on Economics. Westpac research analysts explained that he will deliver a mostly backward-looking opening statement then face a lengthy session of questions from the politicians on the committee. “Given how much we have heard from the RBA in recent weeks, we don’t expect much new in this appearance”.
AUD/USD Levels
The 20 DMA is 0.9116, the 50 DMA is 0.9341 and the 200 DMA is 0.9545. RSI (14) reads 40.56. Supports are ascending from 0.8830 and 0.8848. Spot is 0.8899 with resistances at 0.8909, 0.8989, 0.9011, 0.9055 and 0.9083.
AUD/USD had been grinding lower throughout this weeks session after Friday drop through the 0.90 handle. The pair is trading on the back foot after the Australian Treasury released their mid-year budget review . This event marked a weaker growth outlook in Australia. Lee Hardman, strategist at the Bank of Tokyo-Mitsubishi UFJ, Ltd explained “A weaker Australian dollar and RBA monetary easing will remain the main form of stimulus for the Australian economy going forward as it adjusts a slowdown in mining investment”. We had the RBA minutes of the board meeting that TD Securities strategists said revealed little new, door open to easing, concern about the exchange rate. In this moment the pair are oscillating around 0.8900 the figure as RBA Governor Glenn Stevens speaks in the Australian parliament before the House of Representatives’ Standing Committee on Economics. Westpac research analysts explained that he will deliver a mostly backward-looking opening statement then face a lengthy session of questions from the politicians on the committee. “Given how much we have heard from the RBA in recent weeks, we don’t expect much new in this appearance”.
AUD/USD Levels
The 20 DMA is 0.9116, the 50 DMA is 0.9341 and the 200 DMA is 0.9545. RSI (14) reads 40.56. Supports are ascending from 0.8830 and 0.8848. Spot is 0.8899 with resistances at 0.8909, 0.8989, 0.9011, 0.9055 and 0.9083.