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11 Sep 2013
AUD/USD cap ahead?
FXstreet.com (London) - AUD/USD is looking for the break through 0.9300.
AUD/USD is continued to the upside, denying the offers and pushing through the resistances to mark a high of 0.9320.
AUD/USD amongst the CAD and NZD, was outperforming last week and has continued on the bid into this weeks sessions. On Thursday we will see August labour market report. “We expect a ‘statistical’ +10k bounce (mkt +10k, range –5k to +25k) offsetting the –10k fall last month, but the overall tone of the report is likely to be subdued with the unemployment rate poised to edge higher to a new cycle high of 5.8% (mkt 5.8%)”, explained Marcin Budkiewicz, Strategist, Rates and FX Research, TD Securities.
AUD/USD key resistances ahead
Karen Jones, Chief Analyst at Commerzbank eyes resistances ahead. “AUD/USD tests the July peak at .9318 which is likely to cap in the very short term. Key resistance remains at .9388/.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside.Intraday dips will find initial support at .9075/40 but near term upside
pressure is maintained above .9000. This guards the .8848 recent low. We remain bearish longer term and longer term targets remain to be seen at .8550, the 50% retracement of the move up from 2008. Our
longer term downside target measured from the top is .7700”.
AUD/USD is continued to the upside, denying the offers and pushing through the resistances to mark a high of 0.9320.
AUD/USD amongst the CAD and NZD, was outperforming last week and has continued on the bid into this weeks sessions. On Thursday we will see August labour market report. “We expect a ‘statistical’ +10k bounce (mkt +10k, range –5k to +25k) offsetting the –10k fall last month, but the overall tone of the report is likely to be subdued with the unemployment rate poised to edge higher to a new cycle high of 5.8% (mkt 5.8%)”, explained Marcin Budkiewicz, Strategist, Rates and FX Research, TD Securities.
AUD/USD key resistances ahead
Karen Jones, Chief Analyst at Commerzbank eyes resistances ahead. “AUD/USD tests the July peak at .9318 which is likely to cap in the very short term. Key resistance remains at .9388/.9404 (2011 low and 2009 high) and we look for this to continue to cap the topside.Intraday dips will find initial support at .9075/40 but near term upside
pressure is maintained above .9000. This guards the .8848 recent low. We remain bearish longer term and longer term targets remain to be seen at .8550, the 50% retracement of the move up from 2008. Our
longer term downside target measured from the top is .7700”.