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4 Nov 2013
AUD/USD, bids dry up ahead of 0.95
FXstreet.com (Barcelona) - AUD/USD has been accelerating higher along a Asia, with the rate breaking through Nov 1 swing high at 0.9490 on the back of improved retail sales data in Australia, leading to some stop being tripped ahead of 0.95 round number.
AUD/USD technicals
On the topside, according to Jim Langlands, Founder at FXCharts: "The first port of call is at Fridays 0.9488 top, above which 0.9500 is 23.6% of 0.9757/0.9422, and which will be a tough to crack. Above there, 0.9525 and 0.9548 (0.382 of 0.9757/0.9422) will see good sellers." In the medium term, Langlands sees the downside exposed, noting "the dailies are pointing to further weakness in the sessions that lie ahead with potential to eventually head back to 0.9250."
RBA monetary meeting eyed
The RBA meets Tuesday, and with chances of a rate cut being near zero as per swap rates pricing, it will be interesting to analyse the statement. In view of John Noonan, Head of IFR Markets, focus will be on "surging house prices, inflation & the AUD, after the last statement surprised by not showing much concern over the AUD bounce, but Gov Stevens appeared to stiffen the rhetoric last week. "
AUD/USD technicals
On the topside, according to Jim Langlands, Founder at FXCharts: "The first port of call is at Fridays 0.9488 top, above which 0.9500 is 23.6% of 0.9757/0.9422, and which will be a tough to crack. Above there, 0.9525 and 0.9548 (0.382 of 0.9757/0.9422) will see good sellers." In the medium term, Langlands sees the downside exposed, noting "the dailies are pointing to further weakness in the sessions that lie ahead with potential to eventually head back to 0.9250."
RBA monetary meeting eyed
The RBA meets Tuesday, and with chances of a rate cut being near zero as per swap rates pricing, it will be interesting to analyse the statement. In view of John Noonan, Head of IFR Markets, focus will be on "surging house prices, inflation & the AUD, after the last statement surprised by not showing much concern over the AUD bounce, but Gov Stevens appeared to stiffen the rhetoric last week. "