Back
1 Oct 2013
AUD/USD limited by 0.94
FXstreet.com (Chicago) - AUD/USD found grounds after plunging from 0.9437 highs as the dollar continues strengthening on gold’s weakening and US manufacturing results that improve.
Stagnant economies?
The Australian interest rate decision did not surprised, meeting expectations at 2.5%. Greg Stevens informed “the economy has been growing a bit below trend over the past year. This is expected to continue in the near term as the economy adjusts to lower levels of mining investment. The unemployment rate has edged higher. There has been an improvement in indicators of household and business sentiment recently, though it is too soon to judge how persistent this will be. Inflation has been consistent with the medium-term target. With growth in labour costs moderating, this is expected to remain the case over the next one to two years, even with the effects of the lower exchange rate.” In the US, debt talks start to emerge and Wall Street closed with gains with the Dow up 0.26%, the Nasdaq up 1.07% and the S&P 500 up 0.63%.
AUD/USD Technical Levels
Technically speaking, the pair trades at 0.9397 and oscillates between supports aligned at 0.9363 (September 17th highs), 0.9316 (September 10th highs) followed by 0.9274 (September 11th lows) and resistances set at 0.9416 (September 24th highs), 0.9460 (September 22nd highs) ahead of 0.9527 (September 19th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe above the EMA20.
Stagnant economies?
The Australian interest rate decision did not surprised, meeting expectations at 2.5%. Greg Stevens informed “the economy has been growing a bit below trend over the past year. This is expected to continue in the near term as the economy adjusts to lower levels of mining investment. The unemployment rate has edged higher. There has been an improvement in indicators of household and business sentiment recently, though it is too soon to judge how persistent this will be. Inflation has been consistent with the medium-term target. With growth in labour costs moderating, this is expected to remain the case over the next one to two years, even with the effects of the lower exchange rate.” In the US, debt talks start to emerge and Wall Street closed with gains with the Dow up 0.26%, the Nasdaq up 1.07% and the S&P 500 up 0.63%.
AUD/USD Technical Levels
Technically speaking, the pair trades at 0.9397 and oscillates between supports aligned at 0.9363 (September 17th highs), 0.9316 (September 10th highs) followed by 0.9274 (September 11th lows) and resistances set at 0.9416 (September 24th highs), 0.9460 (September 22nd highs) ahead of 0.9527 (September 19th highs). According to the FXstreet.com trend index, the pair is slightly bearish on one-hour timeframe above the EMA20.