13 Nov 2013
AUD/USD back below 0.9300
FXstreet.com (Edinburgh) -The AUD/USD has returned to sub-0.9300 levels on Wednesday, after a brief adventure to session highs in the proximities of 0.9310.
AUD/USD extends the decline
The pair is losing ground for the third consecutive session on Wednesday, extending at the same time the correction lower from October peaks around 0.9760/70. There was no particular data in the Australian economy today, with only Wage Price index advancing at an annual pace of 2.7% during the third quarter, down from 2.9%. Emmanuel Ng, Strategist at OCBC Bank, observed “The softer than expected 3Q wage cost readings this morning may continue to keep the AUD-USD top heavy. If the rung at 0.9300 dislocates, expect the pair to gravitate towards 0.9260/70 before 0.9250. In a nutshell, increasingly fragile global sentiment (especially towards growth/cyclical assets) coupled with the RBA’s continued discomfort with the AUD’s levels may leave the currency vulnerable to further downside probes”.
AUD/USD critical levels
The pair is now down 0.03% at 0.9297 and a break below 0.9260 (low Nov.12) would open the door to 0.9223 (low Sep.13) and then 0.9100 (61.8% of 0.8848-0.9758). On the upside, the initial hurdle aligns at 0.9298 (50% of 0.8848-0.9758) followed by 0.9368 (high Nov.12) and finally 0.9393 (high Nov.11).
AUD/USD extends the decline
The pair is losing ground for the third consecutive session on Wednesday, extending at the same time the correction lower from October peaks around 0.9760/70. There was no particular data in the Australian economy today, with only Wage Price index advancing at an annual pace of 2.7% during the third quarter, down from 2.9%. Emmanuel Ng, Strategist at OCBC Bank, observed “The softer than expected 3Q wage cost readings this morning may continue to keep the AUD-USD top heavy. If the rung at 0.9300 dislocates, expect the pair to gravitate towards 0.9260/70 before 0.9250. In a nutshell, increasingly fragile global sentiment (especially towards growth/cyclical assets) coupled with the RBA’s continued discomfort with the AUD’s levels may leave the currency vulnerable to further downside probes”.
AUD/USD critical levels
The pair is now down 0.03% at 0.9297 and a break below 0.9260 (low Nov.12) would open the door to 0.9223 (low Sep.13) and then 0.9100 (61.8% of 0.8848-0.9758). On the upside, the initial hurdle aligns at 0.9298 (50% of 0.8848-0.9758) followed by 0.9368 (high Nov.12) and finally 0.9393 (high Nov.11).