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5 Aug 2014
AUD/USD back to lows near 0.9320
FXStreet (Edinburgh) - The Aussie dollar is now losing the grip vs. the greenback, pushing the AUD/USD back to the lower end of the intraday range around 0.9320.
AUD/USD coming down from 0.9340
The pair broke below the consolidation pattern around 0.9340 that prevailed during the European morning, descending to test session lows in the 0.9320/15 area. Spot was boosted in early trade due to the neutral (repetitive?) stance by the RBA in today’s meeting, disappointing AUD bears and taking the AUD beyond 0.9340. Cautious trade remains alive however, as critical employment data are due on Thursday, with consensus expecting the employment to have increased by 12K in July. “A final factor not related to the charts specifically is the fact that the AUD typically fares quite poorly in August from a seasonal perspective. Everything we see at the moment points to a repeat this year”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
AUD/USD levels to consider
At the moment the pair is losing 0.19% at 0.9316 with the next support at 0.9307 (low Aug.4) followed by 0.9275 (low Aug.1) and finally 0.9257 (low Jun.5). On the other hand, a breakout of 0.9337 (high Aug.4) would open the door to 0.9390 (high Jul.30) and then 0.9416 (high Jul.29).
AUD/USD coming down from 0.9340
The pair broke below the consolidation pattern around 0.9340 that prevailed during the European morning, descending to test session lows in the 0.9320/15 area. Spot was boosted in early trade due to the neutral (repetitive?) stance by the RBA in today’s meeting, disappointing AUD bears and taking the AUD beyond 0.9340. Cautious trade remains alive however, as critical employment data are due on Thursday, with consensus expecting the employment to have increased by 12K in July. “A final factor not related to the charts specifically is the fact that the AUD typically fares quite poorly in August from a seasonal perspective. Everything we see at the moment points to a repeat this year”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
AUD/USD levels to consider
At the moment the pair is losing 0.19% at 0.9316 with the next support at 0.9307 (low Aug.4) followed by 0.9275 (low Aug.1) and finally 0.9257 (low Jun.5). On the other hand, a breakout of 0.9337 (high Aug.4) would open the door to 0.9390 (high Jul.30) and then 0.9416 (high Jul.29).