29 Nov 2013
AUD/USD challenges 0.9100
FXstreet.com (Edinburgh) - The Aussie dollar is now testing the 0.9100 handle on Friday, with the AUD/USD coming from session lows near 0.9050.
AUD/USD downtrend persists
The pair remains unable to come up for oxygen amidst the increasing selling context around the AUD, falling for the sixth week so far (the first time since 1997). Domestic data in the Australian morning showed that Private Sector Credit expanded 0.3% MoM in October and 3.5% on a yearly basis, surpassing the previous 3.3% gain. “The AUD is more clearly in a bear market, reflecting the evidence that Australian’s resources investment cycle is in decline, a sense that the restructuring/reform process in China is likely to see a steady decline in its growth over the medium term and its reforms increase risk of a significant disruption to growth”, noted Greg Gibbs, FX Trading Strategist at RBS.
AUD/USD key levels
At the moment the pair is down 0.14% at 0.9103 with the immediate support at 0.9038 (low Sep.4) ahead of the psychological mark at 0.9000. On the upside, a break above 0.9204 (high Nov.26) would expose 0.9249 (high Nov.22) and finally 0.9355 (high Nov.21).
AUD/USD downtrend persists
The pair remains unable to come up for oxygen amidst the increasing selling context around the AUD, falling for the sixth week so far (the first time since 1997). Domestic data in the Australian morning showed that Private Sector Credit expanded 0.3% MoM in October and 3.5% on a yearly basis, surpassing the previous 3.3% gain. “The AUD is more clearly in a bear market, reflecting the evidence that Australian’s resources investment cycle is in decline, a sense that the restructuring/reform process in China is likely to see a steady decline in its growth over the medium term and its reforms increase risk of a significant disruption to growth”, noted Greg Gibbs, FX Trading Strategist at RBS.
AUD/USD key levels
At the moment the pair is down 0.14% at 0.9103 with the immediate support at 0.9038 (low Sep.4) ahead of the psychological mark at 0.9000. On the upside, a break above 0.9204 (high Nov.26) would expose 0.9249 (high Nov.22) and finally 0.9355 (high Nov.21).