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1 Oct 2013
AUD/USD more to go t the downside?
FXstreet.com (London) - AUD/USD found a high of 0.9437 but has since dropped and trades in North American markets at 0.9380/90.
Research teams at TD Securities said the RBA left the cash rate unchanged at 2.5% and left a neutral bias on the table, disappointing those of us expecting some dovish tone to contain the AUD rally. “Not commenting that the AUD was “at a high level” compared with the previous communiqué has given a green light to the AUD to rally further”. They also noted that the House prices rose +1.6%/mth in Sept, or 5.5%/yr, led by +2½%/mth jumps in non-mining capital cities Sydney and Melbourne. New home sales rose +3.4% in Aug (prior –4.7%). Retail sales rose +0.4% in Aug. “All show there is still a gradual rebalancing towards the non-mining sector and hence would please the RBA Board”.
AUD/USD Levels
The 20 DMA is 0.9319, the 50 DMA is 0.9161 and the 200 DMA is 0.9825. RSI (14) reads 58.62 indicating there could be more room to go to the downside. Supports are ascending from 0.9211, 0.9223, 0.9271, 0.9280 and 0.9320. Spot is currently 0.9388 while resistances are 0.9403, 0.9420 and 0.9459.
Research teams at TD Securities said the RBA left the cash rate unchanged at 2.5% and left a neutral bias on the table, disappointing those of us expecting some dovish tone to contain the AUD rally. “Not commenting that the AUD was “at a high level” compared with the previous communiqué has given a green light to the AUD to rally further”. They also noted that the House prices rose +1.6%/mth in Sept, or 5.5%/yr, led by +2½%/mth jumps in non-mining capital cities Sydney and Melbourne. New home sales rose +3.4% in Aug (prior –4.7%). Retail sales rose +0.4% in Aug. “All show there is still a gradual rebalancing towards the non-mining sector and hence would please the RBA Board”.
AUD/USD Levels
The 20 DMA is 0.9319, the 50 DMA is 0.9161 and the 200 DMA is 0.9825. RSI (14) reads 58.62 indicating there could be more room to go to the downside. Supports are ascending from 0.9211, 0.9223, 0.9271, 0.9280 and 0.9320. Spot is currently 0.9388 while resistances are 0.9403, 0.9420 and 0.9459.