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12 Aug 2013
AUD/USD unable to overcome 0.9200 thus far
FXstreet.com (New York) - The AUD/USD foreign exchange rate was unable to pierce the 0.9200 level thus far during Asian trading Monday, instead falling into negative territory and diverging from this barrier.
AUD/USD event risk
After the recent action surrounding the RBA, it has become clear that Chief Stevens and other Board members appear keen to support the idea of taking the foot off the accelerator, pause and stay on a 'wait and see mode' to assess whether or not the economy shows signs of being re-stimulated, on a combination of lower interest rates (currently at 2.5% historic lows) and a much cheaper currency.
Relative to last week, the datawires are looking rather slim for the AUD/USD. Still, the pair will eye the National Australia Bank Business Confidence (Tuesday), followed by the Westpac Consumer Confidence (Wednesday), and Consumer Inflation Expectations (Thursday).
AUD/USD technical bias
The AUD/USD is has now pulled back to the 0.9188 level in these moments, incurring a marginal loss of -0.01% off its opening Monday. Having been unable to overtake the 0.9200 barrier (0.9193 session high), the AUD/USD faces resistances at 0.9197 (July 17 low), onto 0.9210 (July 29 high), and 0.9231 (July 10 high). Conversely, the pair remains fortified by supportive measures at 0.9173 (55-day MA), ahead of 0.9131 (July 25 low), and 0.9101 (200-day SMA).
AUD/USD event risk
After the recent action surrounding the RBA, it has become clear that Chief Stevens and other Board members appear keen to support the idea of taking the foot off the accelerator, pause and stay on a 'wait and see mode' to assess whether or not the economy shows signs of being re-stimulated, on a combination of lower interest rates (currently at 2.5% historic lows) and a much cheaper currency.
Relative to last week, the datawires are looking rather slim for the AUD/USD. Still, the pair will eye the National Australia Bank Business Confidence (Tuesday), followed by the Westpac Consumer Confidence (Wednesday), and Consumer Inflation Expectations (Thursday).
AUD/USD technical bias
The AUD/USD is has now pulled back to the 0.9188 level in these moments, incurring a marginal loss of -0.01% off its opening Monday. Having been unable to overtake the 0.9200 barrier (0.9193 session high), the AUD/USD faces resistances at 0.9197 (July 17 low), onto 0.9210 (July 29 high), and 0.9231 (July 10 high). Conversely, the pair remains fortified by supportive measures at 0.9173 (55-day MA), ahead of 0.9131 (July 25 low), and 0.9101 (200-day SMA).