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27 Feb 2014
AUD/USD higher, closer to 0.8980
FXStreet (Edinburgh) - The bullish correction in the AUD/USD is taking spot to fresh session highs near 0.8970, shrugging-off the poor Q4 Capex result.
AUD/USD supported at 0.8910
The Aussie dollar is netting an almost even week so far, although once again unable to convincingly follow through the resistance band at 0.9080/85. Today’s Capex below estimates during the last quarter of 2013 rang bells in light of the next RBA meeting, where the central bank could resume its dovish stance. “Our outlook for AUD and NZD is rather neutral as we expect positive domestic developments to be offset by the gradual rise in USD-supportive, long-term rates over the balance of 2014”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
AUD/USD levels to watch
At the moment the pair is flat at 0.8966 with the next resistance at 0.9026 (high Feb.26) followed by 0.9044 (high Feb.25) and then 0.9050 (high Feb.24). On the flip side, a break below 0.8938 (low Feb.24) would open the door to 0.8928 (low Feb.13) and finally 0.8910 (50-d MA).
AUD/USD supported at 0.8910
The Aussie dollar is netting an almost even week so far, although once again unable to convincingly follow through the resistance band at 0.9080/85. Today’s Capex below estimates during the last quarter of 2013 rang bells in light of the next RBA meeting, where the central bank could resume its dovish stance. “Our outlook for AUD and NZD is rather neutral as we expect positive domestic developments to be offset by the gradual rise in USD-supportive, long-term rates over the balance of 2014”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
AUD/USD levels to watch
At the moment the pair is flat at 0.8966 with the next resistance at 0.9026 (high Feb.26) followed by 0.9044 (high Feb.25) and then 0.9050 (high Feb.24). On the flip side, a break below 0.8938 (low Feb.24) would open the door to 0.8928 (low Feb.13) and finally 0.8910 (50-d MA).