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May 10, 2013
Forex: AUD/USD consolidates losses below 1.0100
FXstreet.com (Barcelona) - Downbeat momentum in riskier assets and high beta currencies continues to weight on the Aussie dollar, with any attempt of escalate further levels seem to be capped by the key resistance at 1.0100 on Friday.
“Our forecast has remained for the AUD to reach to 0.98 by year end. The rationale is a stronger USD on a building US recovery and eventual QE policy tapering, and a weaker Chinese economic outlook and peaking in the mining investment boom in Australia”, commented Greg Gibbs, FX Trading Strategist at RBS.
As of writing, the pair is losing 0.32% at 1.0058 and a drop beyond 1.0021 (low Jun.29 2012) would aim for 0.9999 (low Jun.26) and then 0.9980 (61.8% of 0.9581-1.0625).
On the upside, resistance levels align at 1.0100 (July 2012 low) followed by 1.0116 (low Mar.4) and finally 1.0155 (low May 7).
“Our forecast has remained for the AUD to reach to 0.98 by year end. The rationale is a stronger USD on a building US recovery and eventual QE policy tapering, and a weaker Chinese economic outlook and peaking in the mining investment boom in Australia”, commented Greg Gibbs, FX Trading Strategist at RBS.
As of writing, the pair is losing 0.32% at 1.0058 and a drop beyond 1.0021 (low Jun.29 2012) would aim for 0.9999 (low Jun.26) and then 0.9980 (61.8% of 0.9581-1.0625).
On the upside, resistance levels align at 1.0100 (July 2012 low) followed by 1.0116 (low Mar.4) and finally 1.0155 (low May 7).