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1 Aug 2014
AUD/USD consolidates below 0.9300
FXStreet (Edinburgh) - The Aussie dollar is extending its downside momentum on Friday, dragging the AUD/USD back below the 0.9300 handle.
AUD/USD in 2-month lows
Prospects of a solid recovery in the US economy are boosting the greenback as of late, hurting spot along with the rest of the risk-associated universe. Despite the better print from the Performance of Mfg index tracked by AiG in Australia for the month of July and the auspicious PMI from China, the AUD keeps retracing the recent spike to the area of 0 .9480, or July peaks. Emmanuel Ng, FX Strategist at OCBC Bank, commented, “the interplay of risk appetite jitters and the preponderance of dollar resilience in the near term may continue to see a potential glide path towards 0.9200 with the 55-day MA (0.9358) growing increasingly distant in the rear-view mirror”.
AUD/USD significant levels
The pair is now retreating 0.14% at 0.9282 with the next support at 0.9257 (low Jun.5) followed by 0.9253 (low Jun.4) and then 0.9229 (low Jun.3). On the flip side, a break above 0.9332 (high Jul.31) would open the door to 0.9390 (high Jul.30) and finally 0.9416 (high Jul.29).
AUD/USD in 2-month lows
Prospects of a solid recovery in the US economy are boosting the greenback as of late, hurting spot along with the rest of the risk-associated universe. Despite the better print from the Performance of Mfg index tracked by AiG in Australia for the month of July and the auspicious PMI from China, the AUD keeps retracing the recent spike to the area of 0 .9480, or July peaks. Emmanuel Ng, FX Strategist at OCBC Bank, commented, “the interplay of risk appetite jitters and the preponderance of dollar resilience in the near term may continue to see a potential glide path towards 0.9200 with the 55-day MA (0.9358) growing increasingly distant in the rear-view mirror”.
AUD/USD significant levels
The pair is now retreating 0.14% at 0.9282 with the next support at 0.9257 (low Jun.5) followed by 0.9253 (low Jun.4) and then 0.9229 (low Jun.3). On the flip side, a break above 0.9332 (high Jul.31) would open the door to 0.9390 (high Jul.30) and finally 0.9416 (high Jul.29).