OctaFX | OctaFX Forex Broker
Open trading account

AUD/USD: bearish long term outlook; 0.8600?

FXStreet (Guatemala) - AUD/USD is trading at 0.9343, up 0.03% on the day, having posted a daily high at 0.9354 and low at 0.9324.

AUD/USD has been quite resilient of late, how every, while official Capex data should bolster the mood of the policy makers, Jane Foley Senior Currency Strategist at Rabobank suggested that it is clear that headwinds still cloud the outlook and this suggests risk that the RBA could again attempt to jawbone the AUD to lower levels. “That said, the AUD is still seen as offering positive carry and we expect that this will limit downside potential in AUD/USD near-term. Over the coming 3 mth we expect the AUD/USD 0.92 to 0.93 to contain most activity. On a 12 mth view, we look for a move towards 0.86. This assumes a broad based recovery for the USD as the first hike in the Fed funds rate near”.

AUD/USD hourly levels

Spot is presently trading at 0.9343, and next resistance can be seen at 0.9345 (Daily Classic PP), 0.9354 and 0.9360 (Daily Classic R1). Support below can be found at 0.9343 (Hourly 20 EMA), 0.9341 (Daily 100 SMA), 0.9339 (Hourly 100 SMA), and 0.9329 (Weekly Classic PP).

EUR/GBP drops to 5-week lows

The EUR/GBP dropped further on Monday and bottomed at 0.7889, reaching the lowest price since July 24.
Read more Previous

EMU: Political interest over economic ones - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman suggested that Europe itself is more a political construct than a geological one.
Read more Next
Start livechat