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AUD/USD back to 0.8900

FXStreet (Edinburgh) - The Aussie dollar is now returning to the 0.8900 neighbourhood after the AUD/USD reached session peaks below 0.8930 in early trade.

AUD/USD boosted by Chinese data

Jitters on a slowdown of the Chinese economy were somehow dissipated after the advanced manufacturing PMI tracked by HSBC showed an improvement to 50.5 vs. 50 expected during September, coming up from 50.2 registered in the previous month. Next of note for the AUD will be the speech by Governor Stevens on Thursday, while the GDP Annualized in the US (Friday) will be in the spotlight from the USD-side of the equation. In the opinion of Greg Gibbs, FX Trading Strategist at RBS, “With a more coordinated downturn in commodities and increasing risk of macroprudential measures in Australia, we see risks biased toward a break of these lows reinforcing a falling trend since May 2013. The low in Jan of .8660 may provide some support, but we see the pattern of the last few years pointing towards a move to the low .80s over the next six months”.

AUD/USD key levels

The pair is now up 0.32% at 0.8902 with the next resistance at 0.8950 (high Sep.22) ahead of 0.9000 (psychological handle) and then 0.9005 (high Sep.19). On the downside, a break below 0.8851 (low Sep.22) would expose 0.8730 (low Feb.4) and finally 0.8695 (low Jan.31).

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In an interview with Dale Pinkert at FXStreet’s Live Analysis Room, Monique Boshoff, author of A woman's perspective & 13 Mistakes, suggests that EUR/USD could drop to 1.1800/1.1400 in the long-term.
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