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2 Oct 2013
AUD/USD parked around 0.9340
FXstreet.com (Edinburgh) -The Aussie dollar is partially retracing Tuesday’s strong advance to 0.9440, taking the AUD/USD to the area of 0.9345/40 on Wednesday.
AUD/USD weaker after domestic data
The AUD is facing renewed weakness on Wednesday after the Australian trade deficit came in at A$815 million, higher than forecasts at A$ 450 billion and Building Permits contracted at a monthly pace of 4.7% during August. The positive news came in from the New Home Sales tracked by HIA, up 3.4% during the same period. The research team at NAB assessed that “For months NAB’s view has been that the RBA would react to a softening economy ahead and come back with more monetary accommodation. That big picture view remains firmly intact… We have decided to delay our rate cut call from November to February, allowing the RBA time to pause and watch the data. With the big picture still unmoved, we continue to see a cut coming but right now there is no rush”.
AUD/USD levels to watch
As of writing the pair is down 0.60% at 0.9341 with the immediate support at 0.9311 (MA21d). On the upside, a break above 0.9435 (high Oct.1) would aim for 0.9459 (high Sep.20) and finally 0.9524 (high Sep.19).
AUD/USD weaker after domestic data
The AUD is facing renewed weakness on Wednesday after the Australian trade deficit came in at A$815 million, higher than forecasts at A$ 450 billion and Building Permits contracted at a monthly pace of 4.7% during August. The positive news came in from the New Home Sales tracked by HIA, up 3.4% during the same period. The research team at NAB assessed that “For months NAB’s view has been that the RBA would react to a softening economy ahead and come back with more monetary accommodation. That big picture view remains firmly intact… We have decided to delay our rate cut call from November to February, allowing the RBA time to pause and watch the data. With the big picture still unmoved, we continue to see a cut coming but right now there is no rush”.
AUD/USD levels to watch
As of writing the pair is down 0.60% at 0.9341 with the immediate support at 0.9311 (MA21d). On the upside, a break above 0.9435 (high Oct.1) would aim for 0.9459 (high Sep.20) and finally 0.9524 (high Sep.19).