Back
18 Oct 2013
AUD/USD eyes 0.9650 as risk sharpens
FXstreet.com (Edinburgh) -The bullish sentiment around the Aussie dollar remains intact on Friday, with the AUD/USD attempting another assault to the 0.9650 region.
AUD/USD bolstered by data
The pair extends the upside well beyond the 0.9600 handle, propped up by recent Chinese data showing that the GDP expanded at an annual pace of 7.8%, banging on estimates and 2.2% inter-quarter, exceeding expectations. Further data in China showed that retail sales grew 1.3.3% and industrial production 10.2% during September. According to Emmanuel Ng, Strategist at OCBC Bank, “The AUD-USD may yet have some upside in the near term given the current dollar environment although we would expect some consolidation to materialize as the pair moves into the vicinity of its 200-day MA (0.9762) on a multi-session horizon”.
AUD/USD key levels
As of writing the pair is up 0.02% at 0.9637 with the next resistance at 0.9647 (high Oct.17) followed by 0.9655 (high Jun.14) and then 0.9665 (high Jun.13). On the downside, a breach of 0.9604 (low Oct.18) would expose 0.9527 (low Oct.17).
AUD/USD bolstered by data
The pair extends the upside well beyond the 0.9600 handle, propped up by recent Chinese data showing that the GDP expanded at an annual pace of 7.8%, banging on estimates and 2.2% inter-quarter, exceeding expectations. Further data in China showed that retail sales grew 1.3.3% and industrial production 10.2% during September. According to Emmanuel Ng, Strategist at OCBC Bank, “The AUD-USD may yet have some upside in the near term given the current dollar environment although we would expect some consolidation to materialize as the pair moves into the vicinity of its 200-day MA (0.9762) on a multi-session horizon”.
AUD/USD key levels
As of writing the pair is up 0.02% at 0.9637 with the next resistance at 0.9647 (high Oct.17) followed by 0.9655 (high Jun.14) and then 0.9665 (high Jun.13). On the downside, a breach of 0.9604 (low Oct.18) would expose 0.9527 (low Oct.17).