22 Oct 2013
AUD/USD trying to hold in the 0.97 handle
FXstreet.com (London) - AUD/USD has found some supply interest with momentum slowing at 0.9714 the high and has been battling to hold on in the 0.97 in NA.
AUD/USD is taking in some profits after the rally that came over the NFP’s numbers disappointment from the US. Now attentions are turning to the broader picture and TD Securities reminded us and noted that the Australian government is introducing legislation to lift Australia’s debt ceiling from $A300b to $A500b to allow for a significant fresh buffer for future borrowings. “Completely as expected since the May Budget was passed. It will pass into law, with maybe a bit of grumbling, unlike the recent US experience. $A500b right now is equivalent to 30% of GDP, on par with commodity currency stalemate NZ. Let’s hope some of that debt is to fund long overdue infrastructure”.
AUD/USD Levels
The 20 DMA is 0.9469, the 50 DMA is 0.9291 and the 200 DMA is 0.9753. RSI (14) reads 56.63. Supports are ascending from 0.9564, 0.9604, 0.9625, 0.9643, 0.9649 and 0.9680. Sot is currently 0.9710 while resistances are 0.971 and 0.9765.
AUD/USD is taking in some profits after the rally that came over the NFP’s numbers disappointment from the US. Now attentions are turning to the broader picture and TD Securities reminded us and noted that the Australian government is introducing legislation to lift Australia’s debt ceiling from $A300b to $A500b to allow for a significant fresh buffer for future borrowings. “Completely as expected since the May Budget was passed. It will pass into law, with maybe a bit of grumbling, unlike the recent US experience. $A500b right now is equivalent to 30% of GDP, on par with commodity currency stalemate NZ. Let’s hope some of that debt is to fund long overdue infrastructure”.
AUD/USD Levels
The 20 DMA is 0.9469, the 50 DMA is 0.9291 and the 200 DMA is 0.9753. RSI (14) reads 56.63. Supports are ascending from 0.9564, 0.9604, 0.9625, 0.9643, 0.9649 and 0.9680. Sot is currently 0.9710 while resistances are 0.971 and 0.9765.