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13 Aug 2013
AUD/USD supported by 0.9100
FXstreet.com (Edinburgh) -The Aussie dollar is grinding lowed on Tuesday following the softer data from NAB’s Business Confidence and Conditions, pushing the AUD/USD around 0.9140/45.
AUD/USD bullish momentum faltering?
After dipping to overnight lows in the boundaries of 0.9100 the figure, the pair managed to pick up pace and advance to the current upper end of the range above 0.9140. Analysts at NAB assessed, “We see GDP growth softening to 2.2% in 2013, before rising to 2.6% in 2014, and a significant deterioration in the labour market is expected this year (unemployment above 6%) and next. Our forecasts have been revised a touch lower – with downside risks building. When combined with still low inflation, we expect another RBA cut, probably in November, and more cuts may follow. We remain a touch more bearish than recently revised (down) forecasts from the Government and the RBA”.
AUD/USD key levels
The pair is now retreating 0.08% at 0.9142 and a breach of 0.9100 (low Aug.13) would expose 0.9087 (low Aug.9) and then 0.9026 (high Aug.7). On the upside, the initial hurdle lies at 0.9221 (high Aug.12) ahead of 0.9227 (low Jul.26) and finally 0.9257 (23.6% of 1.0583-0.8884).
AUD/USD bullish momentum faltering?
After dipping to overnight lows in the boundaries of 0.9100 the figure, the pair managed to pick up pace and advance to the current upper end of the range above 0.9140. Analysts at NAB assessed, “We see GDP growth softening to 2.2% in 2013, before rising to 2.6% in 2014, and a significant deterioration in the labour market is expected this year (unemployment above 6%) and next. Our forecasts have been revised a touch lower – with downside risks building. When combined with still low inflation, we expect another RBA cut, probably in November, and more cuts may follow. We remain a touch more bearish than recently revised (down) forecasts from the Government and the RBA”.
AUD/USD key levels
The pair is now retreating 0.08% at 0.9142 and a breach of 0.9100 (low Aug.13) would expose 0.9087 (low Aug.9) and then 0.9026 (high Aug.7). On the upside, the initial hurdle lies at 0.9221 (high Aug.12) ahead of 0.9227 (low Jul.26) and finally 0.9257 (23.6% of 1.0583-0.8884).