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14 Jun 2013
AUD/USD clings to 0.9600
FXstreet.com (Edinburgh) - The AUD/USD is extending its intraday decline around 0.9600 the figure, after Thursday’s strong advance in the comm-bloc and high-beta currencies.
AUD/USD broader picture bearish
Despite the recent recovery in the AUD, the more ample tone remains tilted to the downside against the backdrop of the ongoing concerns about the peaking of the mining sector and the uncertainties surrounding the non-mining sector regarding its ability to pick the slack. “The AU economy still faces risks as mining sector investment peaks, and other areas of its economy remain lacklustre. Correspondingly we see a further rate cut from the RBA this year, as we approach RBNZ rate hikes”, commented Kimberly Martin, Strategist at BNZ.
AUD/USD tech levels
As of writing the pair is retreating 0.39% at 0.9602 with the next support at 0.9565 (MA10d) ahead of 0.9540 (hourly low Jun.13). On the upside, a break above 0.9675 (high Jun.4) would expose 0.9792 (high Jun.3) and finally 0.9828 (high May 22).
AUD/USD broader picture bearish
Despite the recent recovery in the AUD, the more ample tone remains tilted to the downside against the backdrop of the ongoing concerns about the peaking of the mining sector and the uncertainties surrounding the non-mining sector regarding its ability to pick the slack. “The AU economy still faces risks as mining sector investment peaks, and other areas of its economy remain lacklustre. Correspondingly we see a further rate cut from the RBA this year, as we approach RBNZ rate hikes”, commented Kimberly Martin, Strategist at BNZ.
AUD/USD tech levels
As of writing the pair is retreating 0.39% at 0.9602 with the next support at 0.9565 (MA10d) ahead of 0.9540 (hourly low Jun.13). On the upside, a break above 0.9675 (high Jun.4) would expose 0.9792 (high Jun.3) and finally 0.9828 (high May 22).