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AUD/USD capped by 0.8600

FXStreet (Edinburgh) - The AUD upside seems to have found strong resistance in the 0.8600 area on Thursday, with AUD/USD now coming down to test 0.8585/80.

AUD/USD bolstered by CapEx

Better-than-expected result from the CapEx indicator in Oz is behind the steep upside in the pair during the Asian session today, advancing 0.2% vs. the 1.5% drop forecasted. In light of the GDP figures due next week, the ‘plant, equipment and machinery’ component gained 4.4%. The ‘service investment plans’ component, key for the transition from the mining to the non-mining sectors and closely followed by the RBA, showed a steady increase of 9%, missing forecasts and casting doubts regarding the next steps of the central bank. Strategist Prashant Newnaha at TD Securities commented, “The transition remains as is – stuck, and hence we expect the market to challenge the notion that current monetary policy settings are appropriate”.

AUD/USD key levels

At the moment the pair is advancing 0.56% at 0.8598 with the next resistance at 0.8619 (high Nov.25) ahead of 0.8648 (10-d MA) and finally 0.8673 (21-d MA). On the flip side, a breakdown of 0.8480 (low Nov.26) would expose 0.8450 (low Jul.7 2010) and then 0.8315 (low Jul.1 2010).

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