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9 Jan 2014
AUD/USD awaits tomorrow’s key event?
FXstreet.com (London) - AUD/USD is a slow grind higher within a tight range awaiting further events tomorrow.
AUD/USD has carved a slanting channel to the upside with a high of 0.8891 and lows in the 0.8870’s. There has been little reaction to second tier Australian data overnight with Australian retail sales that rose 0.7% m/m better than expected and up from +0.5% in October. Building approvals tumbled 1.5%. From the US, US Jobless Claims came out pretty much as expected at 330k vs 335k consensus while Continuing Jobless Claims disappointed at 2.865m vs 2.840m consensus. Focus is now with Non Farm Payrolls tomorrow, but the FOMC is not likely to base a decision on one single report alone and either way, the markets reaction could be less accommodating than previous occasions. Meanwhile, Emmanuel Ng, strategist at OCBC said they continue to see the AUD/USD drifting in tandem with global undercurrents pending further cues out of China for example. “Expect 0.8900 to remain as a near term locus within the recent 0.8820-0.9000 range”.
AUD/USD Levels
The 20 DMA is 0.8914, the 50 DMA is 0.9122 and the 200 DMA is 0.9417. RSI (14) reads 53.49. Supports are 0.8737, 0.8770, 0.8820 and 0.8834. Spot is 0.8884, 0.8953, 0.8983, 0.9005 and 0.9047.
AUD/USD has carved a slanting channel to the upside with a high of 0.8891 and lows in the 0.8870’s. There has been little reaction to second tier Australian data overnight with Australian retail sales that rose 0.7% m/m better than expected and up from +0.5% in October. Building approvals tumbled 1.5%. From the US, US Jobless Claims came out pretty much as expected at 330k vs 335k consensus while Continuing Jobless Claims disappointed at 2.865m vs 2.840m consensus. Focus is now with Non Farm Payrolls tomorrow, but the FOMC is not likely to base a decision on one single report alone and either way, the markets reaction could be less accommodating than previous occasions. Meanwhile, Emmanuel Ng, strategist at OCBC said they continue to see the AUD/USD drifting in tandem with global undercurrents pending further cues out of China for example. “Expect 0.8900 to remain as a near term locus within the recent 0.8820-0.9000 range”.
AUD/USD Levels
The 20 DMA is 0.8914, the 50 DMA is 0.9122 and the 200 DMA is 0.9417. RSI (14) reads 53.49. Supports are 0.8737, 0.8770, 0.8820 and 0.8834. Spot is 0.8884, 0.8953, 0.8983, 0.9005 and 0.9047.