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9 Oct 2013
AUD/USD consolidating above 0.9400
FXstreet.com (Edinburgh) -The positive momentum surrounding the Aussie dollar is resuming on Wednesday, lifting the AUD/USD to the area of 0.9440.
AUD/USD eyes on employment data
However, the recent bull run of the pair will be put to the test tomorrow with the release of the Employment Change (15,000 exp.) and the Unemployment Rate (5.8% exp.) in the Australian economy. Today’s data showed that Consumer Confidence sponsored by Westpac decreased for the month of October. “Local news flow should broadly cancel out, leaving the Aussie to respond to US political developments. This should chip away at equities (AUD negative) but hurt the US growth outlook and keeps the Fed on hold for longer (positive). This should leave AUD/USD spending more time with a 0.94 handle in a 0.9370/90 to 0.9520/30 range”, suggested the Westpac Global Strategy Group.
AUD/USD levels to watch
The pair is now up 0.16% at 0.9440 with the immediate resistance at 0.9459 (high Oct.4) followed by 0.9524 (high Sep.19) and finally 0.9530 (high Sep.18). On the downside, a break below 0.9389 (low Oct.4) would aim for 0.9379 (MA10d) and then 0.9367 (low Oct.3).
AUD/USD eyes on employment data
However, the recent bull run of the pair will be put to the test tomorrow with the release of the Employment Change (15,000 exp.) and the Unemployment Rate (5.8% exp.) in the Australian economy. Today’s data showed that Consumer Confidence sponsored by Westpac decreased for the month of October. “Local news flow should broadly cancel out, leaving the Aussie to respond to US political developments. This should chip away at equities (AUD negative) but hurt the US growth outlook and keeps the Fed on hold for longer (positive). This should leave AUD/USD spending more time with a 0.94 handle in a 0.9370/90 to 0.9520/30 range”, suggested the Westpac Global Strategy Group.
AUD/USD levels to watch
The pair is now up 0.16% at 0.9440 with the immediate resistance at 0.9459 (high Oct.4) followed by 0.9524 (high Sep.19) and finally 0.9530 (high Sep.18). On the downside, a break below 0.9389 (low Oct.4) would aim for 0.9379 (MA10d) and then 0.9367 (low Oct.3).