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28 Aug 2013
AUD/USD bears push for a test of 0.8900
FXstreet.com (Edinburgh) -The selling interest continues to put the Aussie dollar under pressure, now dragging the AUD/USD to challenge the key support at 0.8900 on Wednesday.
AUD/USD focus on tomorrow’s CAPEX
Construction data were ignored in the Australian docket, as market participants are waiting for the more relevant Private Capital Expenditures during the second quarter, due tomorrow. Consensus expects CAPEX to have improved to 0.2%, leaving behind the previous 4.7% contraction. In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, “It is clear that the 55 day moving average at .9172 and cloud resistance at .9219 offer some immediate tough overhead obstacles and while capped here the August low at .8848 remains exposed”.
AUD/USD key levels
The pair is now losing 0.85% at 0.8908 with the next support at 0.8848 (2013 low Aug.5). On the flip side, a breakout of 0.9030 (high Aug.27) would expose 0.9067 (MA10d) and finally 0.9070 (high Aug.26).
AUD/USD focus on tomorrow’s CAPEX
Construction data were ignored in the Australian docket, as market participants are waiting for the more relevant Private Capital Expenditures during the second quarter, due tomorrow. Consensus expects CAPEX to have improved to 0.2%, leaving behind the previous 4.7% contraction. In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, “It is clear that the 55 day moving average at .9172 and cloud resistance at .9219 offer some immediate tough overhead obstacles and while capped here the August low at .8848 remains exposed”.
AUD/USD key levels
The pair is now losing 0.85% at 0.8908 with the next support at 0.8848 (2013 low Aug.5). On the flip side, a breakout of 0.9030 (high Aug.27) would expose 0.9067 (MA10d) and finally 0.9070 (high Aug.26).