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12 Jun 2013
AUD/USD inching higher towards 0.9500
FXstreet.com (Barcelona) - The AUD/USD is attempting to claw back some losses in Asia, trading up 49 pips at 0.9476
AUD economic catalyst for early declines
The staff at TradeTheNews.com was pointing toward the deterioration of AUD economic data which was released overnight, believing it may have been the catalyst for initial weakness in the pair. “In Australia, AUD/USD once again tested fresh 32-month lows below the $0.94 handle after disappointing NAB business confidence and home lending data. NAB confidence fell for the 2nd consecutive month, as bank analysts said the outlook for the mining industry is by far the most pessimistic,” noted TradethewNews.com. In discussing further details of the data, TradetheNews.com noted the home loan growth of 0.8% was the slowest in 3 months which likely reflects weakening consumer sentiment.
AUD/USD possible false break below 0.9380
Sean Lee of FXWW noted that after initially breaking below important support, the AUD/USD quickly reversed and closed well off the lows set at 0.9325 which is a technical development worth mentioning. “AUD/USD broke below important support at 0.9380 which should increase bearish momentum overall but the sharp rebound from overnight lows brings this into question. I remain of the view that this sell-off is vastly over stretched and I’m still hoping for an exhaustive sell-off towards .9250 to initiate medium-term longs,” Lee concluded.
AUD economic catalyst for early declines
The staff at TradeTheNews.com was pointing toward the deterioration of AUD economic data which was released overnight, believing it may have been the catalyst for initial weakness in the pair. “In Australia, AUD/USD once again tested fresh 32-month lows below the $0.94 handle after disappointing NAB business confidence and home lending data. NAB confidence fell for the 2nd consecutive month, as bank analysts said the outlook for the mining industry is by far the most pessimistic,” noted TradethewNews.com. In discussing further details of the data, TradetheNews.com noted the home loan growth of 0.8% was the slowest in 3 months which likely reflects weakening consumer sentiment.
AUD/USD possible false break below 0.9380
Sean Lee of FXWW noted that after initially breaking below important support, the AUD/USD quickly reversed and closed well off the lows set at 0.9325 which is a technical development worth mentioning. “AUD/USD broke below important support at 0.9380 which should increase bearish momentum overall but the sharp rebound from overnight lows brings this into question. I remain of the view that this sell-off is vastly over stretched and I’m still hoping for an exhaustive sell-off towards .9250 to initiate medium-term longs,” Lee concluded.