OctaFX | OctaFX Forex Broker
Open trading account

AUD/USD: Buyers defend 0.8660 ahead of busy Aus calendar

FXStreet (Bali) - AUD/USD has been correcting higher off 0.8660 key support, with the recovery reaching a wall of offers just ahead of 0.8750 ahead of a buys day on the Australian economic calendar, including building approvals, Aust TD Inflation, HIA New Home sales, trade Balance and the RBA annual report.

Jim Langlands, Founder at FXCharts, notes: "There is a fair bit of local data out today, with the Building Approvals being the main focus, and if the Aud can find the legs it could carry on to the broken SHS neckline at 0.8775, above which could see a further squeeze to 0.8800 although I don’t really see it today..."

Jim thinks that the AUD may suffer further setbacks should Aud data come softer-than-expected, notign that "back below 0.8700 would see another attempt on 0.8660, which should again act as strong support but below which would then head to the July 2013 at 0.8632."

Aggressive ECB action to come?- Societe Generale

Sebastien Galy, Senior FX Strategist at Societe Generale suggested that aggressive ECB action could create a USD move but that is a less likely trigger.
Read more Previous

EUR/AUD consolidating in nervous conditions

EUR/AUD is trading at 1.4438, down -0.05% on the day, having posted a daily high at 1.4468 and low at 1.4436.
Read more Next
Start livechat