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30 Sep 2013
AUD/USD eyes 0.9350 as recovery continues
FXstreet.com (Edinburgh) -After bottoming out in sub-0.9290 levels, the AUD/USD initiated a correction higher to the current area of 0.9350/55, retracing the major part of the steep earlier pullback.
AUD/USD focus on Washington and the RBA
The pair is extending its rebound alongside a firmer risk-on trade and a generalized USD weakness, as the US economy is slowly heading towards a government shutdown. The immediate risk event for the other part of the equation will be the RBA meeting due tomorrow. In the opinion of Annette Beacher, Analyst at TD Securities, “our year-end AUD target has been upgraded from $US0.89 to $US0.92. In our view, even a freshly dovish RBA Board message is highly unlikely to push the currency below $US0.90 by year end”.
AUD/USD levels to watch
As of writing the pair is up 0.31% at 0.9345 and a breakout of 0.9381 (MA10d) would bring 0.9403 (high Sep.26). On the downside, the first support level lies at 0.9285 (low Sep.17) followed by 0.9271 (high Sep.13) and then 0.9223 (low Sep.13).
AUD/USD focus on Washington and the RBA
The pair is extending its rebound alongside a firmer risk-on trade and a generalized USD weakness, as the US economy is slowly heading towards a government shutdown. The immediate risk event for the other part of the equation will be the RBA meeting due tomorrow. In the opinion of Annette Beacher, Analyst at TD Securities, “our year-end AUD target has been upgraded from $US0.89 to $US0.92. In our view, even a freshly dovish RBA Board message is highly unlikely to push the currency below $US0.90 by year end”.
AUD/USD levels to watch
As of writing the pair is up 0.31% at 0.9345 and a breakout of 0.9381 (MA10d) would bring 0.9403 (high Sep.26). On the downside, the first support level lies at 0.9285 (low Sep.17) followed by 0.9271 (high Sep.13) and then 0.9223 (low Sep.13).