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16 Sep 2013
AUD/USD on slight pressure after solid USD industrial data
FXstreet.com (Athens) - The AUD/USD is moving slightly downwards after the US industrial production released exactly in line with the estimations.
The “Aussie” lost a slight ground after the data release and now sitting on the fence, waiting for tomorrow’s RBA minutes release. Elaborating on, at the last RBA conference the committee adjusted the language in the statement, leaning towards a more neutral outlook for policy. This provided further impetus to the current reversal of the Aussie, so if the discussion adds to the perception that further rate cuts are off the agenda, the Aussie could get boosted even more in the short-term.
Technical Outlook and Strategic Bias on AUD/USD
Larry Summers has withdrawn from the race to succeed Bernanke as Fed Chairman, therefore the chances of his ex main rival, Janet Yellen, have skyrocketed. On the other side, after “Summers has gone”, we would be on hold about tomorrow RBA’s minutes release. While, the Aussie briefly pushed above last week’s high in early Asia trading to just below the 0.94 level, didn’t manage to sustain its gains and retraced since the opening of the European trading session. Gareth Berry, Analyst on behalf of UBS, suggests that “Resistance is at 0.9510. Only a close above this would be a major bullish development and confirm the bullish sentiment. Support is at 0.9224 ahead of 0.9116.”
The “Aussie” lost a slight ground after the data release and now sitting on the fence, waiting for tomorrow’s RBA minutes release. Elaborating on, at the last RBA conference the committee adjusted the language in the statement, leaning towards a more neutral outlook for policy. This provided further impetus to the current reversal of the Aussie, so if the discussion adds to the perception that further rate cuts are off the agenda, the Aussie could get boosted even more in the short-term.
Technical Outlook and Strategic Bias on AUD/USD
Larry Summers has withdrawn from the race to succeed Bernanke as Fed Chairman, therefore the chances of his ex main rival, Janet Yellen, have skyrocketed. On the other side, after “Summers has gone”, we would be on hold about tomorrow RBA’s minutes release. While, the Aussie briefly pushed above last week’s high in early Asia trading to just below the 0.94 level, didn’t manage to sustain its gains and retraced since the opening of the European trading session. Gareth Berry, Analyst on behalf of UBS, suggests that “Resistance is at 0.9510. Only a close above this would be a major bullish development and confirm the bullish sentiment. Support is at 0.9224 ahead of 0.9116.”